Bank in `check before you sign` warning

Consumers who are looking for a savings account should decide what it is they want from their money before committing to an account, a financial expert has claimed.

Different products offered by the variety of banks and financial institutions are suitable for a range of people and consumers should choose what they want before embarking on a final decision, Halifax stated.

Often, online accounts give the best returns for savers, due to higher levels of interest, Jason Clarke, spokesperson for Halifax, said.

Mr Clarke added: "Because they are online savings accounts, banks and building societies will give you a better rate because it costs them less to run those accounts and they pass that on to the customers."

According to APACS, the number of adults in the UK using online banking increased by 174 per cent between 2001 and 2006.