Nationwide: Savings accounts more important now than ever

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Nationwide: Savings accounts more important now than ever

Nationwide Building Society has called upon people to save despite research which reveals that many think now is a bad time to do so.

The savings account provider found that more than half of those it polled think that now is a bad time to put money aside. Just under one-quarter of those polled admit they do not save anything at all.

Andy McQueen, savings director at Nationwide, expressed concern over people's lack of savings, saying that putting aside money for a rainy day has become increasingly important because of the credit crunch.

He added: "We understand that as household finances are stretched, saving can be a challenge but it's never been more important to build up savings to act as a buffer in uncertain times."

Last week, the Bank of England cut the base rate of interest, which may mean that many savings account providers make concomitant reductions in the rates they pay to savers.

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