Ms Horne explained that while chasing deals with the highest interest rates may sound appealing, savers may want to to factor their financial circumstances into consideration before applying for an account.
She continued: “For instance, fixed-rate savings accounts tend to pay higher levels of interest, however, they come with more restrictions about when and how money is accessed.
“In some cases, savings can be tied up for years until the account matures or there may be a penalty fee for early withdrawals.
