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

Savers prefer to stash cash at home

Written by:

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.”

Related Posts


Tag Box

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.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

  • RT @TSB_News: Today we’ve launched market leading rates on the high street with our two-year fixed bond and two-year fixed rate cash ISA. R…
  • RT @TSB_News: Today we’ve launched market leading rates on the high street with our two-year fixed bond and two-year fixed rate cash ISA. R…
  • How much of your salary would you sacrifice for more free time? @YourMoneyUK

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...