BANK ACCOUNTS

Santander sees an increase in savers

Santander has revealed that both the number of savers and the size of monthly deposits have increased over the last year.

According to new figures from Santander Savings' Snap Shot barometer, British people are saving much more now than a year ago, with the total number of people without any savings falling by a third.

Additionally, Brits are saving 12% more each month compared to this time last year and, of those who are still not saving, one in four (12.4 million) plan to start doing so in the next three to six months.

‘Snap shot’ of a UK saver

£114 is the average amount that savers put aside of each month - £132 in the case of men and £98 in the case of women - and the average total amount held in savings is £20,604. On top of this, Santander figures show that 61% of Brits have an instant access savings account.

In terms of bank accounts, 43% currently hold a Cash ISA, 20%have a regular savings account, 14% hold a Stocks & Shares ISA, 9% have savings bonds and 8% have a notice savings account.

“The importance of having cash saved for a rainy day has never been more real and as a result, many people are taking a long hard look at their finances and identifying ways to start saving more,” commented Matt Hall, Head of Savings at Santander.

Recently, Santander has been working on attracting new clients and improving the customer satisfaction of their current ones.

Among other initiatives, the bank launched a new service offering text alerts to all of its current online banking account and savings customers, a new bank account offer where customers could earn up to £300 cashback and 5% in credit interest and its new 123 Cashback Credit Card.

Tags: BANK ACCOUNTS, money saving, santander, santander current accounts, Santander ISA Accounts, savers, savings accounts