Instant access accounts 'popular for savings'

Instant access accounts and cash ISAs are popular ways for Brits to save money.

Cash ISAs and instant access savings accounts are the most popular savings vehicles for Britons.

In research carried out by Abbey some 43 per cent of people claim to be in possession of a cash ISA, with just under two-thirds (62 per cent) holding an instant access savings account.

The financial services provider also reveals that seven per cent of consumers have a savings bond.

Meanwhile, regular savings accounts and stock and shares-based ISAs are held by 20 and 14 per cent of people respectively.

Reza Attar-Zadeh, director of savings and investments for Abbey, claims that whatever their purpose for setting money aside "the most important thing for people to do when thinking about saving is to work out a plan of action that works for them - then choose the right accounts to suit their needs".

Such comments could interest those looking to compare savings products in order to get the best deal possible.

Meanwhile, Sharon Bratley, chartered financial planner at Fairinvestment.co.uk, recently claimed that cash ISAs could prove to be "a viable option for savers", as there are a number of deals available offering interest rates of more than three per cent.

Written by Ashley King.