National Savings & Investments sees record deposit levels
April 12, 2009 by admin
Filed under News, News-Banking
According to a recent report the level of savings being deposited into National Savings & Investments by consumers in the UK has hit record levels, and more and more worried consumers look for a safe place in which to place their hard earned cash.
With the banking industry in such a mess, and with savings interest rates at abysmal levels, an increasing number of consumers are looking for a safe haven in which to put their money, and based on the figures many see NS&I as this safe haven.
The money that is placed into National Savings & Investments benefits from a 100 percent guarantee from the government, and in the current financial climate this is the type of reassurance that many consumers are looking for when it comes to their savings.
This is part of the reason why, during the last three months of last year, NS&I saw the level of savings that was coming in from consumers soar to £9.55 billion. For the previous three months, which was the third quarter of last year, the level of savings was just £5.67 billion, and during the second quarter of the year was just £3.99 billion.
Officials from National Savings & Investments have said that the level of savings that is now coming in is ‘unprecedented’, and that the reason behind the mass influx of consumers’ savings was the ongoing turbulence that continues to tear through the banking and financial industries.
Since the start of the financial year over £19 billion has been placed into NS&I by savers, and this amount has already exceeded the amount that was put into NS&I by consumers for the whole of the previous financial year.
Tags: National, Banking, National Savings, investments, money, National Savings & Investments, savings accounts
