Apr 28 2008
Accounts operated by building societies are viewed as the safest place for saving assets, according to new research.
Close to a third of the people polled recently indicated that they have most confidence in building societies to keep their money safe in a time of economic and financial sector uncertainty.
Since the start of the so-called credit crunch, confidence in financial services providers has dipped considerably and almost one in ten Britons now feel that their savings are best kept under their mattresses, reports the Newcastle Building Society.
However, the financial service firm behind the latest figures has aimed to make clear to British consumers that their savings can be safely invested with banks and building societies across the country.
"With some attractive savings products available, you might think people are barmy to stash their cash at home," said Wendy Lee, commercial director at Newcastle Building Society.
"Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case."
Last week, the chief executive of the Children's Mutual David White insisted that the credit crunch had generally had the effect of encouraging saving for children in the UK.
