Savers have been told that individual savings accounts (Isas) are "incredibly safe" after fears have been shown by consumers following the credit crunch.
Following the crisis at Northern Rock and stock market volatility, there have been concerns by some savers as to where to stash their cash .
Savings manager for AWD Chase de Vere Susan Hannums comments that consumers should take advantage of their individual savings account allowance.
"You should ensure that you use your Isa [individual savings account] allowance - that should be your first port of call for your savings," she remarks.
According to Ms Hannums, individuals savings accounts fall under the £35,000 remit, which should give consumers "peace of mind".
Savers are covered by the Financial Services Compensation Scheme (UK), which was created by the Financial Services and Markets Act 2000.
This means savings of up to £35,000 are covered, with savers receiving 100 per cent of the first £2,000 and 90 per cent of the remaining sum.
Savers would therefore receive £31,700 of the £35,000 that was saved in an account.
Isas are safe to save in, says expert
Isas are safe to save in, says expert
Mon, 24 Sep 2007
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