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Brits keep saving despite rate cuts

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by David Masters
Brits keep saving despite rate cuts

Research released yesterday reveals that savings accounts are still popular with Brits despite tumbling interest rates.

In a survey conducted by Fairinvestment.co.uk, 36% of respondents said they continue to keep their money in a savings account with banks or building societies despite interest rates falling as low as 0%.

Over a quarter, 26%, put their savings in a cash ISA, 17% choose a standard savings account, 14% opt for a regular savings account, and just five percent use a fixed-rate savings account.

Less popular places for savings were stocks and share ISAs (2.55%), stocks and shares (1.55%), unit trusts (1.1%), and property (less than 1%).

Fourteen percent of respondents had no savings at all.

Sharon Bratley, chartered financial planner at fairinvestment.co.uk, said it was ‘encouraging’ to see so many Brits choosing to save.

However, she warned that savers should check the interest rate they are paid, and review other available accounts, because interest rates on some accounts have fallen below the Bank of England’s base rate.

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News posted: January 14, 2009

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