What savers want

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."