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Savings accounts grow in popularity
08 September 2008
More people are investing their money in savings accounts rather than on the stock market during the credit crunch, claim Moneyfacts.
Banks and building societies are trying to encourage savers to help finance their borrowing, so when you compare savings accounts to investing on the stock market you get good returns which are more secure, according to Moneyfacts.
Darren Cook, head of press and PR at Moneyfacts, said: "When there are uncertain times in the economic climate investors will tend to favour the near cash side of things, with fixed interest rates [on their savings accounts]."
Mr Cook states that some lenders are offering over seven per cent on their saving accounts which is a good deal in the current economic climate.
"Offering over seven per cent on the savings in the current times is quite high in terms of returns," he added.
Research by Lloyds TSB revealed that 28 per cent of stock market investors have moved money into more cautious investments, in the last six months.
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