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UK Treasury backs a new no-frills savings account

Plans to create a template for "no-frills" savings products have been outlined by the government to simplify the market and encourage people to save.

The Treasury wants a simple life insurance product, an easy access and longer-term saving account to be developed too.

Providers will use the same terms and conditions, but can compete on price, service and value. A final report on the plans will be published in February.

5 liveWake Up To Money asked Geoff Tresman, chairman of finance advisory firm Punter Southall, if the products were likely to work.

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