In, out, in, out - savings bounce about
People who are trying to put money into a savings account are finding
that they are having to withdraw their money, within the same month, to
meet their regular commitments such as utility bills, mortgage payments
and motor and home insurance payments.
By 'bouncing' their savings, many lose out on the interest and bonus
payments that attracted them to the accounts in the first place.
Richard Norman, director of savings at the Post Office, said: "Our
research shows that millions of people are missing out on earning
interest on their savings and have to live without the security of
having a 'savings safety net' if they ever found themselves in financial
trouble.
"In times of economic uncertainty, it's more important than ever to try
and put money away. Our advice is try and keep saving regularly, even if
it's just a small amount, and consider saving less frequently such as
every other month."
March 31st 2008