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FSA adds savings accounts to tables

The FSA has expanded its controversial product league tables to cover savings accounts.

The tables will compare products from 109 companies covering around 80 per cent of the savings market. Providers which do not supply data will be highlighted as non-participants in the tables if they meet the minimum threshold for participation, which is 500 accounts opened a year.

The tables include cash Isas, deposit accounts, National Savings & Investment accounts, income bonds, fixed-rate savings bonds, capital bonds, children&#39s bonus bonds and pensioners&#39 guaranteed income bonds. The information will be updated daily by the FSA.

The FSA says the tables are a further measure to boost consumers&#39 understanding of financial services.

The tables been criticised by IFAs in the past for ranking products such as Isas by how much they charge rather than by their performance.

Manager of the tables Alan Grant says: “There are thousands of different types of savings accounts and the variation in returns available could mean a difference in returns of over 4 per cent annually.The expansion of the tables to include saving products offers account holders in the UK a simple way to shop around.”

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