New research from giant banking group Santander has revealed an increase in the amount being saved by consumers each month. The bank revealed that the average UK saver is currently depositing £219 a month into their savings account, an increase of one third on last year. During the past 12 months, £59.4 billion has been deposited into savings accounts, with 23 per cent of the population declaring their intent to increase their savings levels over the next six months.
While the figures may inspire confidence among some that consumers are ensuring they have a buffer against any unexpected bills or debt repayments, 41 per cent of respondents said they were not currently saving anything at all, saying they either did not have the money to save or were focusing on repaying debts . Meanwhile, 23 per cent of those questioned said they had no savings whatsoever.
Banks are currently encouraging savers to maximise their tax free ISA allowance for this financial year, which ends of 5th April. The limit is currently set at £3,600 for most savers, though the government has announced that the figure will rise next year as they look to encourage consumers to save.
Bank Reveals Increase in Savings Levels
Financial Services > e-banking > Banking news
Bank Reveals Increase in Savings Levels
Wed, 24 Mar 2010
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