Savers should be aware of the volatility of savings accounts for larger deposits, as few remain ‘best buys’ in the long term, says Investec Private Bank.

According to Investec’s Savings Index, just two savings accounts for balances of £25,000 or more that were revealed as top ten best-buy accounts during the three-month period ending 27 October 2007 were also in the best-buy table for the three-month period ending 27 April 2008.

These were accounts offered by Britannia Building Society and Investec Private Bank’s own offering.

Looking at consistency rather than the highest rate for a short period, data from Investec’s Savings Index shows that between 27 January and 27 April 2008, five accounts were identified as being the most attractive for savers with balances of £25,000. Of these, Investec’s High 5 account and Britannia BS’s HomeSaver offered consistently higher rates for the period.

Investec is urging consumers to check that their savings are deposited in accounts paying consistently high rates of interest and to be alert to those banks or building societies that fail to alter their rates in line with the market.

Linda McBain of Investec Private Bank says, ‘Savers should look beyond the introductory headline rate, as these will often include bonuses, which once expired can leave savings earning lacklustre returns.  

‘Consistency is key when selecting a savings account, as people generally deposit savings for a significant length of time. There is little point in selecting an account if six months later the rate drops dramatically.’