51% of savers open instant savings accounts
Over half of British savers have opened an instant access savings account in the last three months, new research shows.
Birmingham Midshires finds 51 per cent of all British savers opted for easy access to their savings over long-term accounts without instant access.
Instant access savings accounts were more popular with women than men, with 56 per cent going for this type of account over 46 per cent of male savers.
However, men were keener to take advantage of tax free savings accounts (ISAs). A third of new accounts opened by men were ISAs, compared with 16 per cent of women.
Men were also keener on fixed rate bonds, which offer a guaranteed interest rate for a set period, 17 per cent going for this savings option compared with six per cent of women.
"Instant access accounts are an excellent way of saving for short term needs however we would encourage savers to also remember the long term and make adequate provisions," advised Jason Robinson, director of savings operations for Birmingham Midshires.
"It is worth considering a number of savings 'pots' for different purposes which can nowadays be very easily managed online."
Easy access savings accounts were most popular among those aged between 35 and 44, and fixed rate bonds were favoured most by over 55s.
When it comes to tax free savings accounts, 45 to 54-year-olds were the most keen to take advantage, 48 per cent going for ISA savings account. By contrast, only eight per cent of over 55s chose to invest in an ISA.
Comments
Newsletter sign up