Having looked at the savings habits of the nation the Halifax can now highlight which parts of the country save the most, and the least.
Top of the Halifax savings league is London, with an average savings balance of over GBP14,200. In second place was South Buckinghamshire, followed by Shrewsbury to make up the top 3 saving locations. The top performing savers outside the south of England can be found in Derbyshire, having an average savings pot of just over GBP11,600.
A spokesman from the Halifax was pleased to see how good the average figures were but did hope that those without such levels of savings would aim to increase the amount they save.
A new Halifax savings account, offering an outstanding 10 percent interest rate for regular savers will be made available for a limited period of just 6 weeks, beginning on Monday.
The stand alone savings account requires a minimum monthly deposit of GBP500 each month to qualify and will also pay out an extra 2 percent interest should the customer place an extra GBP5,000 in a specified Halifax savings account. This would add up to 12 percent AER, something that the savings market does not normally see.
A Halifax spokesman stood by this market leading savings account and supported the way it promotes the habit of regular saving. It is a key part of consumers financial planning and this level of interest certainly gets attention.
Good advice comes from Sainsburys Bank as they advise consumers to look at the different savings accounts available and choosing the one that best suits their needs.
Sainsburys Bank looked at the top 50 savings accounts currently on the market, specifically the instant and easy access ones to see how they worked out for customers. A dozen of them restricted the number of withdrawals available, 4 of them had penalties for withdrawals and 9 were for specific age groups.
Considering these factors and understanding how well they fit into your existing lifestyle is key to getting the most out of savings accounts said Sainsburys Bank and they are correct.
