NS&I: Savings accounts remain popular despite recession

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NS&I: Savings accounts remain popular despite recession

Fri 27th Mar 2009

National Savings and Investments (NS&I) has published research which reveals that people in the UK are still putting their money into savings accounts, despite falling interest rates and the ongoing recession.

The savings account provider conducted a survey which revealed that the percentage of the UK population making regular monthly deposits remained constant at 47 per cent throughout the whole of 2008, despite the wave of high-profile bank collapses in October.

Furthermore, the average amount deposited each month by UK savers actually rose over the winter to £201.55 compared with £193.34 during summer 2008, despite the onset of the credit crunch.

Dax Harkins, senior savings strategist at NS&I, said: "It is clear that people are aware of the need to save more in these uncertain times."

With the end of the financial year approaching, many savers are currently opening ISAs to take advantage of their tax-free savings allowance before its too late.

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