Britons 'more savings savvy'

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Britons 'more savings savvy'

Thu 28th Jun 2007

Bank customers are saving more efficiently than in previous years, the British Bankers' Association (BBA) has commented.

The 24th publication of its annual statistics yesterday shows that savvy consumers are using the tax-free savings vehicle Isas to an even greater extent.

However, according to Angela Knight, chief executive of the BBA: "We still need to do more to ensure borrowers are getting the right deal for them."

The BBA's figures also indicate that ATMs have become a focal point for transactions in the UK, with banks believed to distribute nearly £3 million in cash every ten minutes.

Ms Knight said the group's statistics indicate that the "UK banking and financial sector is a huge global business bringing billions into the UK economy every year."

She added: "At the same time our banks still manage to deal with thousands of transactions for people like you and me every few minutes."

The release of the BBA's figures coincide with the 40th anniversary of the first use of an ATM in the world, which was located in Enfield, north London.