Savings accounts disappearing, says MoneyExpert.com

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Savings accounts disappearing, says MoneyExpert.com

Many banks are withdrawing their savings accounts from the market, according to research conducted by MoneyExpert.com.

The price comparison site found that the number of instant access savings accounts available to UK customers has decreased by 23 per cent from 1,478 accounts in January last year to just 1,136 accounts now.

According to MoneyExper.com, the falling figures are due to the fact that banks are attempting to attract long term savings to improve their liquidity and so are offering fewer instant access accounts.

Sean Gardner, director of MoneyExpert.com, said: "Banks need a fresh injection of cash but they need the security of long term investments to really improve liquidity. So instant access savings accounts aren't a priority at the moment."

Alliance & Leicester recently conducted a poll which showed that people in the UK are continuing to save, despite the smaller number of instant access options available to them.

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