Savings accounts 'helping Brits through credit crunch'

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Savings accounts 'helping Brits through credit crunch'

A new survey has shown that many Brits have been opening savings accounts recently to help them cope with the financial difficulties they face during the credit crunch.

The poll, conducted by the Nottingham, revealed that 10 per cent of respondents had opened a new savings account "in recent weeks".

According to the building society, 21 per cent of those who had existing savings accounts had increased the amounts they put aside each month.

The Nottingham's Lorraine Giddings said that the credit crunch had also caused a shift in the savings institutions that people choose.

She added: "The effect that the credit crunch has had on some big names in the banking world is causing people to think long and hard about which institutions offer a safe haven for their hard earned savings."

Recently, a study by moneysupermarket.com found that Nationwide is the most trusted brand in the UK for savings accounts.

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