Bread Crumb Trail

Banking & Saving Latest News Abbey reveals savings decline

Abbey reveals savings decline

Abbey reveals savings decline

People are putting less money in savings accounts, new research shows.

Less cash is being put into savings accounts, new research indicates.

Figures published by Abbey Savings reveals the average person is currently putting an £120 in a savings account each month, a fall of £43 from the amount put away during the first quarter of 2009.

The firm - which offers the Abbey eSaver Direct in its portfolio of savings products - also indicates that 21 per cent of Brits are saving less money now than they were 12 months ago.

However, 45 per cent claim they are still managing to put the same amount away as in spring 2008, while one in four are looking to increase how much they set aside in the next three to six months.

Reza Attar-Zadeh, director of savings and investments for Abbey, states that the firm is "certainly observing an overall decline which may not come a huge surprise, but it's positive to see that there are some good intentions out there".

For those looking to make the most of the money they are able to put away, seeking out high interest savings accounts may be advisable.

Meanwhile, recent Nationwide research has revealed that less than half of people are currently saving money on a regular basis.ADNFCR-2079-ID-19183483-ADNFCR
Friday, 22 May 2009 00:00
Bookmark and Share

Comments (1)

The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
  • G Colquhoun 2009-06-10 11:30:04
    it's no surprise to me that the savers are staying away, who will be bothered to save with the interest rates being handed out by greedy banks,they still want high rates on loans, and give savers poor returns.

Make a comment on this article

Comment
Please enter the following letters in the box below.
We're very sorry for this but we just need to ensure
that you are not a computer.

Provider AER Notice Interest Paid Min Bal Apply
View Full Table >
Lloyds TSB Incentive Saver
3.04%
Instant
Monthly
£1
Halifax Websaver Extra
2.80%
Instant
Annually
£1
Tesco Internet Saver
2.75%
Instant
Annually
£1
A&L Online Saver (Issue 7)
2.75%
Instant
Annually
£1,000
ING Direct Savings Account
2.50%
Instant
Monthly
£1
  • Get 3.04% AER every month you DO NOT make a withdrawal.
  • Get 0% AER each month you do withdraw.
  • Account open for 12 months, after this the account converts to an Easy Saver.
  • £1 Min - £50k Max Deposit
  • Interest paid Monthly
  • Start saving with only £1
  • Transfer money instantly between your Incentive Saver and Lloyds TSB current account.
  • Instant access - the convenience of Internet Banking or PhoneBanking means you can access your savings when it suits you.
  • Set up a standing order - saving regularly from your current account is the easy way to grow your savings.
  • 2.80% AER on Balances £1 - No maximum balance
  • Withdrawals - 1 withdrawal a year with no loss of interest.
  • Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
  • Access your money by transferring to another account online
  • Interest paid annually
  • You need to be a UK resident personal customers aged 11+
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Minimum Deposit £1
  • 2.75% Gross/AER (variable) which includes a fixed 1.50% bonus for 12 months on balances up to £100k
  • Balances over £100,000 earn 1.25% Gross / AER (variable)
  • No withdrawal Restrictions
  • Deposit & Withdraw money via online transfer
  • SAVE from £1000 up to £2,000,000.
  • Interest PAID annually.
  • Rate includes variable bonus (depending on account balance) payable for 12 months from account opening.
  • No withdrawal charges.
  • Online account.
  • Available to those aged 18 or over.
  • New ING Direct Savings Account customers can enjoy a guaranteed rate of 2.5% AER for 12 months from account opening (2.47% gross p.a.)
  • Interest paid monthly
  • After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
  • Move your money when you like, with no penalties or restrictions
  • Start saving from £1, with no minimum or maximum monthly deposits required
  • Open an account in minutes
  • Award winning UK call centres
  • Get 2.50% gross pa/AER variable
  • Includes an introductory 12 month variable bonus rate of 2.00% gross pa from the date your account is opened on balances up to £1,000,000.
  • No interest payable on balances over £1,000,000 during the first 12 months.
  • After 12 months you move to a standard variable rate; currently 0.5% gross pa/AER (variable).
  • No penalties for withdrawals.
  • Easy access 24 hours a day, every day.
  • It's easy to set up a regular deposit, then sit back and watch your savings grow.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Great return of 2.50% gross/AER (variable), which includes a bonus of 2.00% gross/AER (variable) for the first 12 months from account opening.
  • Save from just £1
  • 24/7 access to your money without notice or penalty - Cash Card with every account!
  • Interest is calculated daily and paid Monthly
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Get 2.10% AER
  • Get 6 free withdrawals per year - and only £1 per withdrawal thereafter
  • Save £500 to £1million
  • Interest is paid annually in March
  • Post Office guarantee to pass on any rise in the Bank of England Base Rate (within 30 days) until January 2010
  • Post Office also guarantee that your interest rate will never be more than 1% below the Bank of England Base Rate for the life of the account.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Get 2.00% gross p.a./AER providing you don't make more than 3 withdrawals per year (more than this will result in a lower rate of interest).
  • Save from £1 to £500,000
  • If you ARE a Nationwide FlexAccount holder, you can set up a high interest internet savings account online
  • If you are NOT a Nationwide FlexAccount holder, you WILL need to open a FlexAccount Online at the same time as opening your e-Savings Plus.
  • A variable rate of interest, currently 1.60% AER/Gross.
  • This rate includes a fixed introductory bonus of 1.50% AER for the first 12 months.
  • On balances of £1 or more we agree to pay a gross annual interest rate which tracks at 1.5% below the Bank of England Base Rate until 31 December 2010 (but the rate will never be less than 0.10%).
  • Open from as little as £1.
  • Interest paid annually.
  • Instant access - the convenience of Internet Banking or PhoneBank® means you can access your savings when it suits you.
  • No limits on how much you can save.
  • The options to have a standing order payment into your account, so you know your savings are always growing.
  • Optional Cashpoint® card for easy access on the move.
  • Minimum opening balance - £1
  • No maximum balance
  • Interest paid annually
  • Unlimited withdrawals and deposits
  • Manage your savings - Transfer money, view recent transactions and check your balance online 24/7 with this internet savings account
  • Applying is easy - it only takes 5 minutes to apply online now
  • You need to be a UK resident personal customers aged 11+