Savings account use currently down, says BSA
www.moneynews.co.uk > Banking > Savings account use currently down, says BSA
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Money News |
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Savings account use currently down, says BSA
Tue 21st Dec 2010
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Adrian Coles, director general of the organisation, explained that it is more difficult to put money into savings accounts due to the state of the economy.
He suggested low interest rates have had a significant impact on the sector as well, since people are often depositing their cash into products with higher returns such as bonds.
Mr Coles noted that another consequence of this situation is that many consumers are choosing to pay down their debts, since they can be reduced more quickly while interest is at a lower level.
"The amount of money that customers have taken out has been more than they have put in. That's been the case for the last couple of years," he added.
Research by NS&I indicated people are putting aside an average of 6.69 per cent of their salary each month, which is less than what consumers were saving a year ago.
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Related News : Banking |
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