Brits still use savings accounts despite falling rates

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Brits still use savings accounts despite falling rates

Research released recently has revealed that many Brits are still putting money away in savings accounts despite the fact that many providers have cut their interest rates.

Fairinvestment.co.uk, which conducted the study, found that 36 per cent of Brits still put their money into savings accounts, while 26 per cent choose the tax free option of putting their money in cash individual savings account (ISAs).

The price comparison website found that only 14 per cent of people in the UK have no savings at all.

Sharon Bratley, a chartered financial planner for Fairinvestment.co.uk, said: "It is encouraging to see that Brits are continuing to save and have some degree of financial back up.

"However, savers should watch the rate on their savings account as most have now fallen in line with the Bank of England base rate and some are actually below it."

Recently the Bank of England cut the base rate of interest to 1.5 per cent.

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