Savers to be given help to shop around for the best returns

The savings accounts comparative tables will include a range of savings products from everyday deposit accounts to cash ISAs and pensioners'' bonds. There will be over 1,000 savings accounts on the tables. These will be updated on a daily basis.

Alan Grant, Manager of the FSA tables, said:

"There are thousands of different types of savings account and the variation in returns available could mean a difference in returns of over 4% annually. The expansion of the tables to include saving products offers account holders in the UK a simple way to shop around for a new account or find a better deal."

The comparative tables which also cover investments, pensions and mortgage products are a key element of the FSAs campaign to boost consumers understanding of financial services by arming them with accurate and relevant information before shopping around for the best deal.

Notes for editors

1. The FSA consulted on the inclusion of savings accounts comparative information tables in bulletin 7.

2. The savings accounts comparative information tables will include the following products: cash ISAs, deposit accounts, National savings & investment accounts, Income bonds, fixed rate savings bonds, capital bonds, children''s bonus bonds, and Pensioners guaranteed income bonds.

3. There will be 109 companies providing information to the tables covering approximately 80% of the savings market. Providers who have decided not to participate in the savings accounts comparative information tables are listed as non-participants in the tables where they are above the minimum threshold for participation (500 accounts opened per annum).

4. The comparative information tables are available here. The tables receive on average 7,500 visitors per week.

5. Bank deposits at the end of March 2004 were 480.3 billion (source Bank of England), building society deposits at the end February 2004 were 145 billion and 183 billion held in mini cash ISAs (source Building Societies Association).

6. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.

7. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.