HSBC has announced a huge increase in people saving money to provide for their futures.
Since the launch of its eight per cent savings account more savers have been putting money away.
The bank has found that around sixty per cent of Regular Saver customers are depositing the maximum £250 allowed.
"We launched Regular Saver to both kick-start saving in the UK and reward our existing customers," said Steve Britain, head of HSBC savings and investments.
"It now looks like this has worked as our data shows that the majority of customers are choosing to deposit the most that they can in any one month, £250 - a positive sign when you consider the continued concerns about the UK's £27 billion savings gap," he continued.
The bank has found that the Regular Saver savings account is more popular with female savers than with men. Couples made more use of the savings account than single savers.
Britons in the south are opening more Regular Saver accounts than other areas in the country, followed by savers in the Midlands and then the North.
Savers in the South West and Wales are behind the rest of the country by opening only half as many savings accounts as southern savers.
HSBC is one of the largest banking and financial services organisations in the world, with services in 77 countries.
HSBC provides a comprehensive range of financial services including mortgages, savings, investments, loans, online banking and more.
Number of savers on the rise at HSBC
Number of savers on the rise at HSBC
Fri, 27 May 2005
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