Britons have been holding back from emptying their
savings accounts and putting away more for a rainy day, new research suggests. According to a study for Birmingham Midshires' Saving Britain campaign, an average of £776 was put away in the three months to January 2010, compared with £329 during the same period last year.
Furthermore, although two in five British
savings account holders admit to raiding their rainy-day pots during the same period, the average amount withdrawn has gone down to £1,724 from an all-time-high in July 2009 of £2,191.
"It is encouraging to see that people are taking their savings seriously, putting away more and raiding less," remarked John Bianco, head of savings products at
Birmingham Midshires. "In the current economic climate people have revisited their savings habits, with a marked increase in people saving for a rainy day."
Last week, a new 5% fixed-rate
savings account was launched by The Nottingham building society, aimed at people keen to save "a little and often".
The Regular Saver requires an initial deposit of just £10 to open a
savings account, doesn't penalise customers for missing monthly payments and its 5% interest rate is fixed until February 2011.
