Nationwide: Savings accounts important for everyone

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Nationwide: Savings accounts important for everyone

Wed 18th Mar 2009

Nationwide Building Society has issued a statement claiming that everyone should be saving during the recession.

The building society conducted research which revealed that just under one quarter of adults in the UK do not save anything at all.

It claimed that while this position is "understandable" given the current economic climate, "the simple fact is […] that everyone should save regularly".

Nationwide added: "Saving towards a holiday or car can be rewarding as you get to benefit from the fruits of your labour, but it is equally important to save for the unexpected."

Recent research by Sainsbury's Bank suggested that many of the savings accounts on the market offer relatively low rates of interest.

The bank found that fewer than four per cent of the instant access savings accounts currently available offer interest rates of three per cent or more, following the Bank of England's base rate cuts.

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