Building societies recommended for savings

Savers unsure of where to store their money have been advised to consider using products offered by building societies.

Steve Urwin, senior marketing executive at Newcastle Building Society, stated that consumers will receive “competitive returns” if they use savings accounts offered by such institutions.

“Savers wanting complete peace of mind can opt for fixed rates so they know exactly the return to expect,” he said.

Furthermore, the investor protection scheme will guard savers’ money, Mr Urwin remarked.

However, anyone wanting to put away money for a rainy day should know that they will get taxed on their savings, he added, suggesting that taking advantage of individual savings accounts should be the first option for consumers.

Birmingham Midshires recently revealed that Britons are opting to save more of their cash, with the average amount put away over the last three months reaching £938.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *