More people ‘choose home for saving’

A tenth of the population think it is better to keep their savings at home rather than in an account, it has been revealed.

Newcastle Building Society found that 11 per cent are choosing to keep their money at home, up from four per cent last year.

Over a third (34 per cent) said that a building society is the best place for their funds and 23 per cent claimed they still had the most faith in their bank for keeping their savings safe.

Wendy Lee, the firm’s commercial director, said that it is “encouraging” that building societies still come out on top for savings.

“Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case,” she added.

Savers should take advantage of some very “attractive” products available, Ms Lee advised.

This month, the Bank of England chose to cut rates by 0.25 per cent to five per cent.

© Adfero Ltd

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