The Money Stop

The way we approach banking has changed in recent years, with new research showing that more of us are opening instant access savings accounts.

A study by Birmingham Midshires shows that 51 per cent of people who opened a savings account in the last three months opted for the instant access option.

This is in stark contrast to the number who chose to make their money slightly harder to get to, with only 16 per cent keeping it out of reach.

Birmingham Midshires says that this trend is all part of the ‘have-it-now’ culture of Britons in the early 21st century and the firm says that consumption of goods figures back this claim.

The Office of National Statistics recently published these statistics, showing that we consumed 73 per cent more goods in 2005 than we did in 1991.

Experts at Birmingham Midshires say that it appears to be the case that many Brits are saving in order to spend.

“Instant access accounts are an excellent way of saving for short term needs, however, we would encourage savers to also remember the long term and make adequate provisions,” said Jason Robinson, director of savings operations at the company.

“It is worth considering a number of savings pots for different purposes which can nowadays be very easily managed online.”

There is nothing wrong with saving money for a big purchase, however, it is also advisable to make sure that you have money put aside to help you through an unforeseen change in circumstances.

Related Posts

‘Blase attitude’ to home insurance to blame for lack of cover

Consumers' blase attitude to home insurance could be the motivation behind many consumers failing to take out cover, claim financial experts. Norwich Union estimated that, out of the 25 per cent of home owners who

Customers could be losing out on savings accounts

Many consumers in the UK like to save some money towards a rainy day, to build a nest egg, or simply for emergencies, but recent data has revealed that an alarming number of savers in

Savers not taking full advantage of Isas

Up to one in three savers are not taking advantage of their tax-free allowance with their individual savings accounts, according to new research. Findings from Marks and Spencers Money shows that by not saving the

Increased safety for money of Post Office savers

As a result of changes to the Irish banking system some savers in the UK, including those with Post Office savings accounts, will see their savings guarantee almost double compared to that of savers with

Hidden savings costs revealed

Easy access savings accounts can hold hidden charges for savers wishing to take out any of their money, it has emerged.Consumers are urged to look at the small print of a savings deposit before entrusting

Abbey first time buyers turn to family

First-time buyers (FTBs) are increasingly turning to brokers rather than friends and family for mortgage advice, Abbey said today.According to research from the lender released today, 23 per cent of homeowners consulted those close to

Balance transfers make Christmas debt manageable

Balance transfers and consolidation loans are a "manageable way" of tackling post-Christmas debt, according to industry experts.Thomas Charles, a financial firm that offers a free confidential debt counselling service, has advised that consumers who overspend

Insurance : Do You Care More About Your Pet Than Yourself?

Latest figures from the UK’s insurance industry show that over half of the nation has no life insurance cover. Only 1 in 5 of us has any accident insurance. And less than 1 in