Savings levels soar to two year high - Savings - News - Moneyfacts


Savings levels soar to two year high

Savings levels soar to two year high

Category: Savings

Updated: 13/08/2010
First Published: 13/08/2010

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 It is now over 6 months old so the content may be out of date.

Britons are saving more of their monthly income than at any point over the past two years.

Although many will have had to tighten their purse strings of late, National Savings & Investments (NS&I) has revealed that people are setting aside 6.9% of their income each month into a savings account.

It is the highest level seen since before the start of the economic downturn.

The research also revealed that the actual amount of money being placed into savings accounts has risen for the first time in a year.

On average, Britons are now saving £85.21 each month, up from £81.94 in the first three months of the year.

With the average amount of income that people 'take home' having fallen to £1,235.00, down from £1,310.10 last quarter, it appears that savings have become more of a priority.

Indeed, the number of people who claimed they regularly save each month has increased to 50% of the population.

It is the first time for more than two years that half of the population has been actively putting money into a savings account.

"It is encouraging news that many of us are managing to put a few more pounds away each month," said Tim Mack, NS&I savings spokesman.

"However, our latest savings survey showed that nearly a third of us still don't feel confident we have enough money to get by in an emergency.

"It is only by maintaining our commitment to savings that we will achieve this peace of mind."

If you're making the effort to save money each month, it's vital your savings account delivers the very best return possible.

Check out our best selling savings accounts to make sure you're getting a good savings deal.

There you'll find a wide variety of savings accounts from well known providers such as ICICI Bank, Northern Rock, Barclays and Chelsea Building Society.

Find the best savings rates for you - Compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.

Number of savings accounts falls to record low

As if the continued drop in savings rates wasn’t bad enough, our latest research reveals another blow to already hard-pressed savers, with the number of accounts available having fallen to a record low.