The Northern Rock crisis has led consumers to become more cautious with their savings, one expert in the financial services industry has said.
According to a poll conducted by Peopleschampion.com, the main priority of consumers is to make sure their savings are save, rather than go for a deal with the best interest rates .
Peopleschampion chairman Jim Spowart has commented on the situation: "What we have seen is savers eschewing the best rates to make sure that their savings are safe.
"This might well be a temporary position, but I think it shows the importance of rebuilding consumer confidence."
Banks such as Lloyds TSB, the Royal Bank of Scotland and Barclays are larger institutions that were seeing renewed customer interest, Mr Spowart added.
The survey also found that older savers are the most wary about putting all their savings into a bank, as they are more aware of the risks in the market.
Last week, Northern Rock customers were given guarantees on their accounts by the government following panic by members of the public.
Savers cautious after Northern Rock
Savers cautious after Northern Rock
Mon, 24 Sep 2007
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