If it looks too good to be true, it just might be

Savers are being treated to uncommonly good rates on a wealth of savings accounts, but some of these may be subject to a poorer value product being opened at the same time.

Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: "With banks and building societies increasingly cross-selling products to boost their margins, there are now even more reasons to check the small print. The number of options and breadth of linked savings accounts is greater than ever. These accounts tend to offer a market-leading proposition on the basis you take on another product with the same provider, which may not be such good value.

"For example, to get more people investing in shares, Abbey's Super ISA and Super Saver are only available when you deposit the same amount in one of its investment products, and anyone taking out a Lloyds TSB Fixed Rate Cash ISA must open a Scottish Widows Investment ISA."

Alliance & Leicester's Premier Regular Saver offers a whopping 12 per cent but only in conjunction with its current account that pays 1.5 per cent. In contrast, A&L's best current account pays 8.5 per cent.

Kevin Mountford added "Linked accounts can offer good value, but it is important that people look at the package as a whole rather than just being seduced by the lead offer. More than ever, consumers need to check the terms and conditions of any new deal as I expect more of this cross-selling to occur."

Such methods are increasingly being employed in the mortgage market too - homeowners wanting an RBS One Account mortgage must have their salary paid into a One Account current account, and HSBC will not lend to anyone who isn't an existing customer.