More than 2.3 million people have mobbed their money to "safer" savings accounts, according to new research.
A study by Abbey reveals that 1.5 million people have moved their savings in order to spread them across different providers, while a further 840,000 switched to a institution with a good reputation.
Rezza Attar-Zadeh, director of savings and investments at Abbey, said: "It's clear that there is a flight to safety as savers are certainly thinking more carefully about where they place their money, and choosing institutions based on their financial strength."
He added that Abbey itself has seen a 270 per cent increase in savings inflows through branches in recent weeks.
Mr Attar-Zadeh put this down to the fact that Abbey's financial strength is backed by Spanish bank Santander.
Yesterday, Michelle Slade, analyst at Moneyfacts.co.uk, claimed that people are looking for financial security ahead of the best savings rates, something which is underlined by the popularity of government backed accounts .
People looking for safer savings accounts, study shows
People looking for safer savings accounts, study shows
Fri, 10 Oct 2008
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