Chelsea launches Refreshingly Traditional savings range

Despite this being one of the most punishing years ever for savers, the majority do not find the time to check rates and manage their finances, according to new research on behalf of Chelsea Building Society.

When asked to rank their day to day tasks, people said that checking rates and managing money comes a lowly 7th after remembering bills, food shopping, remembering birthdays, laundry, cleaning and making social arrangements.

The survey reveals that 4 in 5 (81%) of those with less than £5000 in savings do not manage their money on a day to day basis or check savings rates. More surprisingly, 3 in 5 Britons (38%) with a substantial £50,000 or more in savings say that it is not an important day to day task. One in 10 people (9%) admit that it is the very last thing that they would tackle.

And with recent evidence showing that many people have lost out financially by having to withdraw money from fixed rate accounts they opened on the basis of the rate, Chelsea is this week launching its ‘Refreshingly Traditional' savings range to encourage savers to select accounts that better meet their needs, whether that is money that's locked away or more easily accessible.

Chelsea's research revealed that simple, transparent products are considered most important for financial security - rated as important by 66% of people. In choosing where to save, after a competitive rate and being a trustworthy organisation, savers ranked easy access to savings (61%), and a reputation for good quality personal service (56%) as the most important factors. Accessibility was rated as important, with 41% preferring high street branches.

The lessons of the past year are apparent in savers choice of favourite proverbs, with "Don't put all your eggs in one basket" and "All that glitters isn't gold" being highest ranked (27% and 23% respectively saying they relate to them the most).

With this in mind, Chelsea's "Refreshingly Traditional" range includes accounts to meet all needs, from instant access, fixed rate, Cash ISA children's savings and the Chelsea Postal 30 Cash ISA. New higher interest rates for higher balances are introduced from this week on the Over 50s Instant account and Postal 30 Cash ISA accounts.

Jenny Hudd, Savings Product Manager at Chelsea Building Society, commented; "More than ever customers want their savings to deliver what they need; today's lifestyles mean that people are hard pressed to monitor rates and manage their finances on a day to day basis.

"We are committed to offering competitive rates and personal service across our range, and are seeking to encourage people to choose the right account for their needs, whether that is instant access, tax free savings, or being able to set money aside - and leave it there - for a longer term."