Avoid using cash from savings accounts, says moneysupermarket.com

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Avoid using cash from savings accounts, says moneysupermarket.com

Wed 25th Aug 2010

Consumers should do their utmost to avoid dipping into their savings accounts, according to a representative from moneysupermarket.com.

Site editor at the firm Clare Francis made her comments after the price comparison website published research showing that 56 per cent of respondents to a poll have used money that they had previously put aside for the future.

In her view, this underlines the importance of saving money and she urged individuals to try and explore other alternatives before withdrawing cash from such accounts.

"Spending wisely, using discount vouchers and focusing on repaying any outstanding debts will all stand consumers in good stead," she said.

Ms Francis also stressed that this situation shows how vital it is to get a good return on savings, despite the "uphill struggle" that people are currently facing to generate income in this way thanks to the low base rate.

This week, moneysupermarket.com also urged students to reconsider taking their car to university, since it could end up costing them an extra £3,000 in insurance payments over the course of their studies.

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