People should make sure they have enough money stashed away in a savings account to help see them through tough times, one expert has stated.
Tobias van der Meer, head of consumer banking and investments at Egg , explained that people should aim to have the equivalent of three month's wages in a savings account.
"However, our research highlights that far from being a precaution, these savings are a necessity, with two thirds of people likely to need quick access to a lump sum as an emergency," he said.
People should make sure that their savings account offers a high rate of interest as this will help their money stretch further, Mr van der Meer added.
Making sure that they have money in a savings account will also help people to meet the cost of unexpected things such as having to repair the car , he concluded.
Yesterday, Kevin Mountford, head of savings and current accounts at Moneysupermarket.com, stated that new savings products offered by banks often have better interest rates than older accounts.
Savings accounts vital for tough times, expert claims
Savings accounts vital for tough times, expert claims
Fri, 30 May 2008
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