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Savings boost as Brits think outside the box

Savings boost as Brits think outside the box

Category: Savings

Updated: 22/09/2011
First Published: 25/03/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Hard-up Brits are going to some unusual lengths to help boost their savings, new research has revealed.

Around 7.5 million people are selling unwanted gifts on Ebay in order to raise some extra cash, according to a survey by Clydesdale and Yorkshire Banks.

Meanwhile, nearly 750,000 are going to car boot sales and doing odd jobs for friends and neighbours to help line their pockets.

Another 520,000 have decided to sell family heirlooms in order to have a nest egg to fall back on.

However, while desperate measures have been called for, the results have been more than rewarding.

Despite feeling the squeeze, over a quarter of the nation is saving more money than a year ago.

The average Brit stashes away £1,320 per year, with holidays and home improvements being the most popular reasons to stash the cash.

Loyal savers also appear to have considerable patience, with over a quarter of people willing to wait and save for over a year to be able to afford the item they want.

"Although three fifths of Brits have dipped into their savings accounts to fund unexpected household bills, I am glad to see that we are also putting money away to treat ourselves and our families be it holidays, home improvements or a new car," said Steve Reid, retail director for Clydesdale Bank.

"All of which goes to show it certainly pays to save."

On a slightly different note, the survey also revealed that while nearly 9.5 million people tell their partners they have a savings account, they do not disclose how much is in it.

A staggering four million people even admitted that they lied to their partner about how much they had in their savings account.

If you're eager to start saving for something special, or merely because you know it's the right thing to do, our savings best buy charts are the ideal place to begin your search for a suitable savings account.

Amongst the best saving deals currently available is Santander's esaver account which pays 3.00% AER, and Nationwide Building Society's MySave Online Plus account paying a variable rate of 2.95%.

If you've still got your cash ISA allowance to use up, Nationwide's e-ISA pays a cracking rate of 3.10%.

Alternatively, you might like the look of West Bromwich Building Society's Easy Save account paying 3.01% AER, or Coventry Building Society's Family Saver account at 3.00% AER.

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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.

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