Oct 13 2008
A significant number of people with savings in the UK, potentially including those who are saving for their children, are switching accounts in search of increased financial security, it has been found.
Figures produced by Abbey Savings indicate that 2.3 million consumers have taken action to protect their deposits by moving their money to a different provider that they perceive to be stronger or by spreading their cash among a number of banks.
"It's clear that there is a flight to safety as savers are certainly thinking more carefully about where they place their money and choosing institutions based on their financial strength," stated Reza Attar-Zadeh, director of savings and investments at Abbey.
In other industry news, consumers were recently advised to maximise their individual savings account deposits.
According to research analyst Defaqto, people should make the most of such accounts in order to avoid paying tax on the interest generated by their savings.
