Consumers are more willing to save than ever before, which is evidenced by the growth of the savings products market, according to Sainsbury’s Bank.
A study by the bank found that the savings market is growing by around seven per cent per year.
Savers are particularly attracted by savings
accounts that are simple and “straightforward”, a spokesman for the bank said.
He added: “This kind of approach will help people – it will potentially and hopefully encourage people to save harder.”
Sainsbury’s Bank recently launched a product called Internet Saver which it claims is one of only eight savings
accounts that pays six per cent interest on balances of £1 or more.
In related news, a survey undertaken by Alliance & Leicester has found that more than half of 16 to 21 year olds uses or is willing to use their mobile phones to check their current account balance.
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