Savers switching accounts
10.10.2008
More than two million people have already taken steps they believe will safeguard their savings, according to a new report.
Abbey Savings stated that 2.3 million savers have transferred their money to a savings account provider perceived to be "financially strong" or across a number of firms.
So far 1.5 million of those who have switched savings accounts have spread them across a number of providers, while more than 800,000 have chosen to move to an account offered by a company with a good reputation.
Reza 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."
Abbey itself has seen savings inflows increase over the course of the last few weeks, the expert added.
In related news, Adrian Coles, director-general of the Building Societies Association, said that building societies have been able to attract a record level of savings since the start of the financial market turmoil.
Abbey Savings stated that 2.3 million savers have transferred their money to a savings account provider perceived to be "financially strong" or across a number of firms.
So far 1.5 million of those who have switched savings accounts have spread them across a number of providers, while more than 800,000 have chosen to move to an account offered by a company with a good reputation.
Reza 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."
Abbey itself has seen savings inflows increase over the course of the last few weeks, the expert added.
In related news, Adrian Coles, director-general of the Building Societies Association, said that building societies have been able to attract a record level of savings since the start of the financial market turmoil.