People with banking jobs at small firms ''may offer savers more''

Building societies and smaller financial services providers may be able to offer a more competitive deal to savers in the UK, one sector commentator has claimed.

Indeed, it is people with banking jobs in London who are employed with such firms who may be able to provide consumers with the best offer, rather than more big-named providers, according to Michelle Slade, a spokesperson from Moneyfacts, said.

"Savers are increasingly struggling to find a competitive deal, particularly if they just look at high street providers," she explained.

Ms Slade advised that some of the best deals currently available include short-term bonuses, but these only serve to temporarily boost the rate savers receive.

She urged Britons to ensure they thoroughly read through the terms and conditions of an account before placing their funds in it, while customers could also approach their bank''s representative with any questions they may have.

Her comments come after the Office for National Statistics revealed that the percentage of disposable income that was saved by households in the first quarter of 2010 Q1 was 6.9 per cent compared with 7.2 per cent in the final quarter of 2009.