Savers are being warned to keep an eye on their savings account rate as new deals enter the market and bonuses put returns at risk.

As new internet savings accounts enter the market, Andrew Hagger at Moneynet.co.uk is warning consumers to monitor their saving rates, particularly where there is a bonus involved.

For example, Leeds Building Society has just launched a new easy access online account paying 3.05 per cent gross, but one per cent of that is a bonus and is only part of the deal for the first year.

Commenting, Andrew Hagger said: “While the rates on offer are an improvement on what’s been available recently, savers need to make a note in their diary to check the rate on offer in 12 months time as they’ll almost certainly need to switch again if they want to maintain a decent rate of return on their cash.

“To get the best return on your cash savings, it’s become a fact of life that you need to keep your eyes and ears open when it comes to getting the best deals,” he added.

Comparison sites can help customers to keep tabs on their savings accounts and ensure they are getting the best possible return, Mr Hagger adds: “Those with a more lethargic approach to managing their savings are the sort of customers that institutions dream of, ultimately receiving a pittance of a return on their savings whilst boosting the providers’ profits.”

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© Fair Investment Company Ltd