Savings levels in Britain have reached a two year high according to the most recent NS&I Savings Survey. The survey revealed that half of Brits are now regularly saving each month, as well as an increase in the average amount being saved. Last quarter's survey found that an average of £81.94 was being saved each month; that figure has now risen to £85.21 per month on average.
The increase is perhaps surprising, not only because of the miserly interest rates being offered by banks on bonds, ISAs and savings accounts, but also because the survey uncovered a drop of nearly £100 in the average take home income of Brits.
Despite allegations of profiteering, banks and building societies insist the meagre interest rates being offered are a consequence of the Bank of England decision to slash the base rate to its record low level of 0.5 per cent. Whatever the motive, the low interest rates are particularly problematic for savers, who must also contend with high levels of inflation, making it harder for them to earn money on their savings.
Bank Survey Finds Higher Savings Levels
Financial Services > e-banking > Banking news
Bank Survey Finds Higher Savings Levels
Fri, 13 Aug 2010
Recommended links
Tax Free ISAsSavings Bonds
Top Current Accounts
Internet Banking Guide
Nationalised Bank Divisions Enjoy Mixed Fortunes
CAB Calls on Banks to Offer Services to Undischarged Bankrupts
Indian Bank Launches Best Buy Savings Deals
Big Society Plan to Use Dormant Bank Savings
Bank Study Finds Surge in Savings Levels Over Past 50 Years
New Savings Schemes Target Government Rather than Banks
Banks Launch Savings Accounts to Overcome Inflation
Banks Cut Childrens Savings Accounts Rates
Banks May Take Savings to Pay Debts
Private Bank Removes High Interest Savings Account
Bank Reveals Increase in Savings Levels
Government to Withdraw Guarantee on Nationalised Bank Savings
Dutch Bank Reveals Average UK Savings
Central Bank Blamed as Inflation Cancels Out Savings Interest
Government Backed Savings Bank Announces Interest Delay
FSA Authorises Bank as Savings and Mortgage Provider
Banks Upset Over National Savings and Investments Offering Attractive Deals
Bank Savings Survey Reveals Stable Savings Levels
Bank Returns Cheques Following Savings Applications
Savers Warned Against Fixed Savings Accounts
Bank Savings Accounts Still Yielding Tiny Returns
Building Societies Rival Bank Savings Offers
| Banking news |
|---|
| Banks failing on online fraud says MPs report - Tue, 05 Apr 2011 |
| Lloyds TSB is to change the interest rates on its Vantage current account - Thu, 31 Mar 2011 |
| Contactless debit cards from Lloyds TSB - Tue, 29 Mar 2011 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company