Half The Population Are Saving NO Money!
June 2005
A report just published by National Savings & Investments states that only 48% of the British regularly save money. This is neither good news for them personally nor for the economy of the country in general.
Surprisingly the survey found that young people are the best savers but reading between the lines InvestorProfit takes 'young people' to mean the under 16's. These days with the rampant consumerism it is hard to see how the majority of under 30s are saving anything at all.
The report states that the average amount saved is 6.7% of pay which after tax seems a reasonable amount.
Is Saving Good?
To state that you're a regular saver is not enough these days. You have to be both a regular saver and a canny one.
If you're going to save then in order to maximise your profits you'll have to seek out the best rates of interest. This is not hard to do but still many people simply use their regular bank or building society because it's less hassle. But this inertia is what makes the banks so rich. Instead savers should have NO loyalty to any one firm and transfer their money if necessary to banks or financial institutions that offer the best saving rates.
What We Recommend
The trouble is with most financial institutions is that play tricks on their customers. For example a great rate of interest that's advertised today may only last for 3 months before it drops considerably. And the banks no damn well that a large proportion of savers either will forget this fact or can't be bothered to move their money.
So in our view the best savings account is ING Direct. Not only does it pay 5.00% AER on balances of just £1+ it's a breeze to open an account online and ING has continually paid this rate (give or take) over the last few years. ING is therefore straight up in how it conducts its business and it's no surprise to us that it continues to leave much of its sneaky competition behind.
PS. Have you got an Emergency Fund? If not, read our article on what one is and why you SHOULD have one. - Click Here
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