YBS: Consumers could save £44bn per year

Those looking for the best savings account could be encouraged by findings which show the potential to save an extra £1,300 annually.

New research from Yorkshire Building Society (YBS) has discovered that 84 per cent of people felt they could make “small sacrifices” which would result in additional savings.

Of those who said they could lower their daily outgoings, 71 per cent said they would be prepared to make their own lunch instead of buying it, potentially saving £373.

In addition, 56 per cent said they would give up one meal in a restaurant per week in order to save an extra £1,300.

YBS also found that 66 per cent of savings account holders claimed this method of saving encouraged them to put away more money than they would have done usually.

“It is interesting to see that by simply making a few small changes to how we run our lives, we can save a substantial amount of money,” commented Tanya Jackson, YBS’s media relations manager.

“Consumers should seriously consider ‘tightening their belts’ and getting into the habit of saving regularly.”

Recent research by Sainsbury’s Bank found 38 different savings accounts on the market that offer an annual percentage rate of over five per cent.

© Adfero Ltd

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