Brits keep saving despite rate cuts

| January 14, 2009 | 0 Comments
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, 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, 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.

Tags: ,, , , ,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 2941 times, 3 so far today