The world of savings accounts could change dramatically if new Government plans for 'no frills finances' get the go ahead.
In a drive to encourage more people to save, the UK Government wants to create a general set of terms and conditions for simple, easy to understand savings products. Account providers will be able to compete on rate, service and overall value.
According to the Treasury, many people do not understand the various types of savings accounts in the market and as a result have trouble comparing the best deals in the market to achieve the most from their savings.
A full report on the new proposals is due to be published in February next year.
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