Savings News

Reinforcing their commitment to encouraging savers to put more money away for their futures, Abbey Savings has increased the savings limits and bonuses on a number of its savings products.

Excluding pension contributions, UK adults are saving on average just 5.9% of their gross income each month, while 37% of people claim they are unable to save anything at all.

Over 15 million Brits (34 per cent) have dabbled in equity markets and a further 6.6 million (15 per cent) are considering taking advantage of current lower market valuations and investing in the stock market, according to new research from Abbey Savings.

Nationwide Building Society, ahead of next week's Budget, has called on the Chancellor to reform the ISA system and do more to encourage children and parents to save.

A global study into retirement has revealed that, on average, Brits start planning for their retirement at 28 – 5 years earlier than the international average age.

The Standard Life Savings & Investment Index hit an all time low in January 2008.

Barclays is launching three new savings accounts, including a market leading cash ISA paying 6.50 per cent AER interest to allow customers to make the most of their tax-free savings allowance.

This time last year the base rate was at the same level as it is today (5.25%). Savings rates on the other hand, are far higher than 12 months ago.

Post Office Financial Services has attracted over £3 billion in savings deposits and has won half a million car insurance customers, strengthening its position as one of the fastest growing financial services providers in the UK.

Far from retiring quietly, young people today expect to be able to afford the things they enjoy now when they retire with foreign holidays, satellite TV and gym membership as standard.

“Saving for the future, one size fits all?” that’s the question being asked of teenagers across the UK by financial education charity, the ifs School of Finance, as part of their annual ifs Young Business Writer of the Year competition.

Customers joining the new Post Office Christmas Club will receive a booklet of special offers worth at least £100 to redeem in selected retail partners from November 2008.

Extending its web presence into the consumer space, today TISA launches its new website tisa.uk.com.

At a time of tough economic conditions, the British public, perhaps wary of increasing bills, debt and a lack of emergency funds are saving rather than spending - as research revealed today shows the number of people putting money aside is greater than this time last year.

British savers' good intentions look like being thwarted, according to research conducted by NS&I (National Savings and Investments). Although Brits claim they want to save more, they are increasingly pessimistic about their ability to save, figures from the Quarterly Savings Survey suggest.