Brits raiding less money from their savings accounts

At least 52 per cent of Brits are raiding less money from their savings accounts as they are concerned about the impact that increasing inflation will have on their money.

That is according to the latest BM Savings Saving Britain report, which is released every quarter.

It was revealed that Brits took out an average of £1,873 from their savings accounts in the last three months of 2010 compared to £1,750 in the first quarter of the year.

People aged over 65 are the most worried about the effect inflation will have on their savings with 69 per cent voicing their concerns.

That is compared to just 30 per cent of Brits aged between 18 and 24 years old.

John Bianco, head of products at the firm, said: "As we head into summer, savers have reduced the amount they have raided from their savings account.

"Consistently putting money away is a great way to ensure savings are there for upcoming summer holidays."

He added that there are plenty of good offers on savings accounts currently available on the market.

Consumers looking to switch saving account because the interest being offered is low may want to use a price comparison site, such as Money Expert, to find the best ones.

That is because the site will list all of the savings accounts, including online ones, that are currently on offer and any benefits they may have.

Last month, BM Savings found that Brits are more likely to open an online savings account on a Tuesday between 3pm and 4pm.

It was revealed that 20 per cent of consumers who open an online savings account do so at this time, followed by a Wednesday when 18 per cent do so.

Brits are also more likely to transfer money in and out of their savings accounts during their lunch breaks, the research showed.

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