Savers: beware headline-grabbing interest rates

What at first glance may seem like a generous interest rate on a savings account may get watered down by the various strings attached.

In this era of horribly low interest rates for savers, it's tempting to jump on anything that looks like a decent deal. Here's one.

First Direct is offering savers an eye-popping rate of 6% on its Regular Saver account. That's pretty attractive when the typical rate on an easy access account is more like 2% and even the best tax-free cash individual savings account (Isa) pays around 2.5% (currently from Cheshire Building Society). So should savers rush to take this First Direct deal?

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