Private wealth clients 'should shop around for best rates'

Private wealth clients of financial service providers may be able to find better returns on their assets if they shop around to find the best deals in the market, it has been suggested.

Offshore banking may be one way to ensure profit-making asset deposits, as different tax laws could translate to more income in the long-run.

Martin Bamford, chartered financial planner and managing director at Informed Choice, claims the current "low interest rate environment" means it is more important than ever for those with private wealth and other savers to investigate the market thoroughly before choosing a financial service provider.

Recent data from the Office for National Statistics shows the household saving ratio fell in the first-quarter of this year compared with the final months of 2009.

It now stands at 6.9 per cent, down from 7.2 per cent, though it has grown following the recession as individuals may be seeking to ensure financial stability in later life.ADNFCR-2318-ID-19912434-ADNFCR