Research has found that if we had £50,000 to save for 1 year, Nationwide would be the top choice for a savings account.
Nationwide Savings Director, Matthew Carter: "Following the collapse of the Icelandic banks, Bradford and Bingley and Northern Rock and the proposed takeover of HBOS by Lloyds TSB, we have seen consumers move their savings to Nationwide as they look for a safe home for their savings. In the first half of this financial year we took £2.6 billion in net receipts giving us a 34% market share. Indeed, the entire building society sector has seen an increase in deposits being made as consumers reacquaint themselves with the benefits of being with a mutual.
"Consumers appreciate the strength and resilience of a well run modern mutual and how a low risk approach can weather the current turbulent market conditions. With less reliance on the wholesale markets, Nationwide has a strong and well capitalised balance sheet and for the last two years has effectively funded its mortgage lending through the use of its savings deposits.
"We're delighted consumers recognise the strength and stability of Nationwide and how we are a safe haven for their savings. We will continue to provide our savers with accounts that offer long-term good value and are easy to understand. In thesedifficult times we hope saving will remain on people's agendas."
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.