Oct 9 2008
Depositors of money, including those saving for their children, can be confident that they will not lose their investments, despite the current turbulence on the world's markets.
This is the opinion of moneysupermarket.com, which said that the chancellor's actions suggest that money in savings accounts will be safe.
According to the organisation, although Alistair Darling has not offered an actual guarantee to savers, he has made it clear that people with money in Heritable Bank or Icesave will not lose out as a result of the problems being experienced by the financial services providers.
A moneysupermarket.com spokesperson said: "I don't see any reason why UK savers should fear for their funds any longer. However, it is absolutely vital that the Financial Services Compensation Scheme now pays compensation to savers within days rather than weeks or months."
In other savings news, figures produced recently by HM Revenue and Customs revealed that the number of Child Trust Fund vouchers being placed by parents has continued at a steady rate, with 72 per cent of vouchers placed within a year of issue.
