Have you ever tried to work out which savings account is the most appropriate one for you? Comparing savings accounts can be a bit daunting. With such a wide variety of savings accounts available it's hard to be sure that you're comparing like for like.
There is now some help at hand for those who are trying to choose with the arrival of the Summary Box.
The Summary Box is a new requirement introduced by the Banking Code, and aims to give customers clear and succinct information about each savings account. Introduced on 1st October 2008, it means all banks now provide a uniform way of telling customers what each product offers.
The Summary box appears on any advertising literature, including direct mail , leaflets and online.
Halifax was one of the first high street banks to introduce Summary Boxes to their savings literature. If you visit their savings website you can view individual Summary Boxes for every Halifax savings product. The Summary Boxes include interest rates, bonus details, withdrawal information and the type of access you get on each account.
This is all great news for customers because it takes the hard work out of comparing savings accounts. As all Summary Boxes have to follow the same layout, you should quickly be able to see which savings account is best for you.
Don't forget: the next time you're shopping around for the best savings account, look for that Summary Box - it could save you a big headache and most importantly, will help you find the most suitable savings account for your needs.