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

Three quarters of Brits saved in 2016 despite rock bottom rates

Written by:
Despite 2016 being a challenging year for savers, almost three quarters of UK adults – the equivalent of 37 million people - managed to add to their nest egg in the last 12 months, research reveals.

Banks have relentlessly slashed rates this year, with the average easy access cash account now paying just 0.35%.

But this doesn’t seem to have deterred Brits from saving, according to a survey of 2,000 people by Charter Savings Bank.

It found over a third of people have made regular monthly deposits through 2016 and one in four have made occasional deposits. Five per cent deposited a lump sum every two months.

The findings suggest 44% of Brits started 2016 with a set savings target in mind, but only a quarter were able to reach their goal with unavoidable extra expenses, the low interest rate environment and not being committed enough to saving hindering many savers’ efforts.

Paul Whitlock, director of savings at Charter Savings Bank, said: “Despite a tough year of economic uncertainty, our research confirms that saving is a habit for nearly 37 million people in the UK.

“It’s great to see people are continuing to see the value of savings and contributing to their nest eggs, irrespective of what the prevailing economic environment throws at them.”

With inflation estimated to rise above 2% in 2017, Whitlock said savers will see their nest eggs eroded further so shopping around for the best savings products will be “vitally important”.

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.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

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