Britons are dipping into their savings to account for the overspending in their other banking accounts, a new study has revealed.
Birmingham Midshires has found in its Saving Britain campaign that UK consumers are feeling the sting of interest rate rises set by the Bank of England.
According to the findings, Brits have taken £400 out of their savings accounts over the past three months, which is a 14 per cent increase from the average amount taken out in the last three months of 2006.
Director of savings operations at Birmingham Midshires Jason Robinson commented that consumers can benefit from the high rate of interest in the current financial climate by putting their spare cash into savings accounts.
"While homeowners are feeling the pressures following Bank of England rate decisions, there has never been a better time for people to put away their money," he remarked.
Over 55s were the demographic who took the most money out if their savings accounts, although one in three young people needed to use their savings accounts to cover overspend in their current banking accounts .
The current rate of interest is 5.75 per cent.
Brits raid savings accounts, says study
Brits raid savings accounts, says study
Mon, 03 Sep 2007
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