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Brits more likely to open an online savings account on a Tuesday

18 April 2011

Brits are most likely to open an online savings account on a Tuesday between 3pm and 4pm.

That is according to a survey by BM savings, which found that 20 per cent of those who open an online savings account do so on a Tuesday, followed by a Wednesday (18 per cent).

Of these, nine per cent open an online savings account between 3pm and 4pm, while those in the south-west tend to sign up for an account between 12pm and 1pm.

It was also found that the majority of the nation transfer their money in and out of a savings account on their lunch breaks, usually on a Monday.

John Bianco, head of BM Savings, said: "It is encouraging to see that the nation has not only got into regular, established savings habits, but also that these take place at set times during the week.

"With online savings accounts, savings activities can truly become part of our everyday lifestyles as they enable you to manage your savings whenever it suits you."

Consumers looking for a savings account may want to shop around before signing up for one in order to find the best interest rates.

Brits can shop around for savings accounts on price comparison sites, such as MoneyExpert.com, as they will list all the accounts currently on the market and their interest rates.

Last month, Simon Hartshorn, marketing manager at Family Investments, stated that more parents are putting money into savings accounts to help fund their children's future.

However, these people may struggle to save now that the Child Trust Fund has been abolished but the establishment of Junior Isas from November may counter this problem.

Children aged under 18 will be able to hold both a stocks and shares and a cash Isa in their name, which cannot be accessed until they reach 18 years of age.
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