Abbey: Savers switching to protect their cash

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Abbey: Savers switching to protect their cash

Thu 9th Oct 2008

A number of people are switching their savings account to a provider they view as financially strong, new research from Abbey Savings has found.

Some seven per cent of savings account holders have switched savings account providers based on their financial reputation, while a further 13 per cent of people have chosen to spread their savings among different providers.

"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," said Reza Attar-Zadeh, director of savings and investments at Abbey.

She added that savings inflows at the bank's branches have risen 270 per cent in recent weeks.

Earlier this week, Abbey's chief economist asserted that the "unexpected cut" made by the Monetary Policy Committee may have "injected a much-needed boost of confidence" into the British economy.

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