UK consumers adopting 'saving mentality'

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UK consumers adopting 'saving mentality'

Thu 14th Jun 2007

UK consumers are showing a far greater willingness to save their hard-earned cash, Sainsbury's Bank has commented.

Peter Wood, head of savings at the group, said that accounts which are "simple and straightforward" would allow Britons to be more prudent in their saving habits.

Commenting upon Sainsbury's Bank's newly released internet saver account, which possesses a competitive rate of six per cent, Mr Wood said he thought such a package would encourage consumer saving habits.

The savings market has also been displaying seven or eight per cent growth each year, Mr Wood said, a clear indication that people were more inclined to save.

Mr Wood also said that restrictions on certain accounts would "help people potentially and hopefully encourage people to save harder".

Sainsbury's Bank, which opened in February 1997, provides a arrange of financial products, including insurance, credit cards, savings and loans.

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