Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Life Sciences Biotech Smaller Cap High Risk Stocks Investing Binge - 24th Jun 21
Central Banks to Keep Buying Gold - 24th Jun 21
Will Gold Survive Hawkish Fed? - 24th Jun 21
The Clean Energy Compound That Could Change The World - 24th Jun 21
Everybody's Getting Rich (and Having Fun) Except Me - 24th Jun 21
WESTERN DIGITAL WDC Stock Trend Analysis - CHIA! - Risk 1 - 23rd Jun 21
AMC Is the Best-Performing Stock in America: Don’t Buy It - 23rd Jun 21
Stock Market Calling the Fed‘s Bluff - 23rd Jun 21
Could Bitcoin Price CRASH Target A Bottom Below $7500? - 23rd Jun 21
Bitcoin and cryptos: Your 'long-term investment'? - 23rd Jun 21
Unlocking The Next Stage Of The Hydrogen Boom - 23rd Jun 21
USDT Ponzi Scheme FINAL WARNING To EXIT Before Tether Collapses Crypto Exchange Markets - 22nd Jun 21
Stock Market Correction Starting - 22nd Jun 21
This Green SuperFuel Could Change Everything For the $14 Trillion Shipping Industry - 22nd Jun 21
Virgin Media Fibre Broadband Installation - What to Expect, Quality of Wiring, Service etc. - 21st Jun 21
Feel the Inflationary Heartbeat - 21st Jun 21
The Green Superfuel That Could Disrupt Global Energy Markers - 21st Jun 21
How Binance SCAMs Crypto Traders with UP DOWN Coins, Futures, Options and Leverage - Don't Get Bogdanoffed! - 20th Jun 21
Smart Money Accumulating Physical Silver Ahead Of New Basel III Regulations And Price Explosion To $44 - 20th Jun 21
Rambling Fed Triggers Gold/Silver Correction: Are Investors Being Duped? - 20th Jun 21
Gold: The Fed Wreaked Havoc on the Precious Metals - 20th Jun 21
Investing in the Tulip Crypto Mania 2021 - 19th Jun 21
Here’s Why Historic US Housing Market Boom Can Continue - 19th Jun 21
Cryptos: What the "Bizarre" World of Non-Fungible Tokens May Be Signaling - 19th Jun 21
Hyperinflationary Expectations: Reflections on Cryptocurrency and the Markets - 19th Jun 21
Gold Prices Investors beat Central Banks and Jewelry, as having the most Impact - 18th Jun 21
Has the Dust Settled After Fed Day? Not Just Yet - 18th Jun 21
Gold Asks: Will the Economic Boom Continue? - 18th Jun 21
STABLE COINS PONZI Crypto SCAM WARNING! Iron Titan CRASH to ZERO! Exit USDT While You Can! - 18th Jun 21
FOMC Surprise Takeaways - 18th Jun 21
Youtube Upload Stuck at 0% QUICK FIXES Solutions Tutorial - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations Video - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
RAMPANT MONEY PRINTING INFLATION BIG PICTURE! - 16th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

What Savers Want

Personal_Finance / Savings Accounts May 14, 2007 - 11:07 AM GMT

By: Nationwide

Personal_Finance

New research from Nationwide reveals what consumers want from a savings account

New research from Nationwide has revealed that over a third (35%) of people are saving on a regular basis and an additional 44% save from time to time when they have spare funds. It also confirmed that one in five (21%) fail to save anything at all.


The research asked consumers what they looked for when opening a savings account and the results revealed that:

  • over half (54%) consider it very important/essential that there is no-notice period for withdrawals and more than four in five (84%) believe it is important that there is no penalty for withdrawals
  • over half (56%) consider it very important/essential to have a high interest rate for the first year – however over three-quarters (77%) want a good interest rate over a longer period
  • over two in five (42%) consider it important to have the ability to manage their account on-line, while over half (56%) want to be able to manage their account in a local branch
  • for nearly two-thirds (59%) it is important that their savings account is with a well-known provider

Savings accounts continue to be a popular and well-used vehicle with over three-quarters (78%) of those surveyed saying this is how they save, although 12% still leave their cash in a current account and 10% admit to saving elsewhere. Despite safety issues and the fact that no interest is being earned, saving money at home - under the bed or in a jar or tin – is not unheard of.

Matthew Carter, Nationwide's divisional director, mortgages & savings, said: "Saving doesn't have to be difficult or complicated and no matter how much you can afford to save, it is important that your money is saved in the right place - not under a bed or in a jar. Nationwide's Regular Savings Account is a perfect solution to encourage people to save, as it offers regular and irregular savers a competitive rate without any of the catches of many similar high street savings accounts.

"Savers also have the flexibility of knowing that they can vary the amount they save or even take a break from saving if they need to, without forfeiting the account and the interest rate is even guaranteed to track the Bank of England Base Rate until January 2010."

For further information:

Sue Knight, media relations manager, telephone: 01793 655196 email: sue.knight@nationwide.co.uk
Steve Blore, senior manager, telephonel: 01793 655199 email: stevew.blore@nationwide.co.uk

Notes:

  1. Research was carried out by Panelwizard during January 2007 and 1001 British adults were surveyed
  2. Regular Savings – product information:
    • An example of how the Regular Savings account works is shown below:

      Tony is saving up for a deposit on his first home so he decides to pay in £150 a month by regular transfer from his current account and earns 5.75% interest on his savings. But he's not tied to that amount. As the following table shows, the Regular Savings account is flexible enough to adapt as his financial circumstances change.

      Monthly increase in balance Total balance Rate applied to total balance that month p.a
      Jan Pays in £150 £150 £150 5.75%
      Feb Pays in bonus of £100 on top of regular £150 £250 £400 6.25%
      Mar Regular payment of £150 £150 £550 5.75%
      Apr Regular payment of £150 followed by a withdrawal of £100 £50 £600 4.25%
      May Regular payment of £150 £150 £750 5.75%

    The interest rates applied on Regular Savings will track changes in the Bank of England Base Rate until 1 January 2010. Any changes will take effect within one month.

    Regular Savings is a card based account and is restricted to one per customer (either joint or sole). Accounts can be opened with £1.

    Unlimited withdrawals can be made so long as there are sufficient funds in the account and unlimited credits can be made as long as the monthly balance increase does not exceed £250.

    Where a monthly payment is missed or balance increases by less than £100 a flat rate of interest of 4.25% will be paid for that month

  3. Nationwide offers a full range of savings products to suit customers needs and further details can be obtained from any Nationwide branch, by calling 08457 3020 10 or online at http://www.nationwide.co.uk/savings/
  4. Case studies of Nationwide savers are available please contact the press office

    Nationwide is a mutual building society, which is owned by its members. As such, it aims to be different from the banks. Members are actively encouraged to play a strong role in their society by voting at the AGM in person, online or by post each year.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in