A great number of Brits are rejecting banks and keeping a combined £7bn stashed in secret places in their homes .
According to new research, the UK population has a huge collection of notes just lying about in draws, piggy banks and under mattresses. The £7bn figure does not include money in wallets or purses.
One in ten say they 'believe' in the principle of keeping their savings in their own possession, rather than with banks. However, some blame must be attributed to the meagre rates on offer on the high street where returns have hit historic lows. The average savings account, even including online-only offers which are usually better, now pays just 0.85 per cent.
The research by the Financial Services Compensation Scheme (FSCS) has been conducted to alert savers to the safety and benefits they can get from using banks to store their money.
Since the beginning of January, savers have seen up to £85,000 of their money protected in the event of their holding bank or building society going bust, which is a considerable rise from the £50,000 individual limit that was in place until the end of last year.
Savers shun banks and keep cash at home
Financial Services > e-banking > Banking news
Savers shun banks and keep cash at home
Mon, 10 Jan 2011
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