The "savings war" has been good for customers, Defaqto has said - but they were also advised by the firm to shop around carefully for an account.
Easy-access savings accounts with high headline rates have become more numerous than before, new research from Defaqto has shown.
According to the financial data firm, 28 percent of the accounts currently on the market pay more interest than the Bank of England's base rate of five percent. This total is well up from last year's 21 percent and 2006's total of just eight percent, and reflects the "savings war" that has recently broken out on the high street.
Many financial firms' balance sheets have been hammered over recent months by credit crunch-related asset writedowns and other losses. This means that the banks and building societies have redoubled their efforts to raise revenue - and, accordingly, have increased their savings account rates in a bid to attract new custom.
However, some firms' rates are not as attractive as they first seem, a further finding from Defaqto's research has suggested. Around 36 percent of the easy-access accounts surveyed were found, for example, to have introduced an "introductory bonus" for new customers - meaning that the rate of interest offered for the account in question will drop when a certain amount of time has expired.
David Black, principal consultant of banking at Defaqto, said: "It's encouraging to see so many accounts offering attractive headline rates but savers need to keep their wits about them to avoid choosing an unsuitable account."
Compare savings accounts via money.co.uk
