You are here: Home - Saving & Banking - News -

Savers prefer to stash cash at home

0
Written by:
28/04/2008

An estimated one-in-10 people think their money would be safer under the mattress than in a bank or building society, according to Newcastle Building Society.

Research from Newcastle found that confidence in banks has declined by 5% over the past year, with less than a quarter of savers considering them the safest place to invest their money. Furthermore, the number of people who are unsure about the safest place to put their money has risen to 13%.

Wendy Lee, spokesperson for Newcastle Building Society, said: “These findings are a stark sign of the times, but they are also exacerbated by the hype surrounding the credit crunch. Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case.

“Building Societies have an excellent track record for providing a safe place for savings for those with a little, or a lot, to invest. While we welcome the news that building societies are mostly favoured by those aged 35 and above, societies are also an attractive option for the younger generation and offer a good variety of competitive savings rates.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Savers beware linked accounts

Savers opening high-interest accounts should bear in mind that any offer could be subject to a poorer value product being opened at the...

Close