The Nationwide Building Society, in its latest results for July, has found that 20 percent of the adult population are not putting any savings aside.
They also found that the number of people saving on a regular basis also fell, down to 46 percent from 54 percent just three months ago. Two thirds of people believe they should be saving according to the Nationwide Building Society, though the key, as with most things, is to do something about it.
A spokesman from the Nationwide Building Society said that consumers appeared to be feeling the pressure being put on them by rising prices but also asked them to at least look at savings vehicles such as ISAs and Childrens Trust Funds. These are tax efficient and so can make a big difference.
The Abbey National is making a one year fixed rate bond available for a limited period, with an interest rate of 6.75 percent.
To earn this high rate the bond needs an investment of at least GBP30,000, though anything from GBP1 upwards to that figure will still return a very attractive 6.35 percent. The Abbey National investment bond is on limited availability, with a window of less than a month to get money into it. Starting on August 4 the offer closes at the end of August.
The market really likes fixed rate savings bonds said an Abbey National spokesperson, hence their introduction of this particular one now. Anyone interested is advised to act quickly to ensure availability.
Abbey National is about to introduce some new investment bonds, including ones specifically for children, the over 50s and also a fixed rate option.
The fixed rate bond pays interest at 6 percent per annum gross over a 12 month period while the over 50 year old only deal offers 6.1 percent for the 3 year term. The child bond also pays 6.1 percent, but over a four year period. An Abbey National spokesman said that these offers were excellent and highlighted the excellent value for money savers can currently get with their investments.
What is also important, said the representative of the Abbey National, is the security and peace of mind provided by an organisation the size of the Abbey, part of the giant Santander Group.
