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Make Saving a Habit Come Pay Day


News provided by

moneysupermarket.com

Apr 30, 2012, 06:09 ET

Share this article


CHESTER, England, April 30, 2012 /PRNewswire/ --

  • Average top 10 easy access savings rate now stands at 3.00 per cent

With Britain falling into a double-dip recession, and hard pressed households struggling with the high cost of living, MoneySupermarket is encouraging consumers to start a savings habit and put some money aside on pay day in order to be prepared for a rainy day.

Kevin Mountford, Head of Banking at MoneySupermarket, said: "The recent news that Britain has once again fallen into recession suggests that the difficult financial situation we have seen over the past few years will continue. The pressure on Britain's wallets hasn't changed and it is important to be prepared in case your circumstances change, for example, if you lose your job, or if your employer cuts overtime.  

"Having some money set aside for a rainy day or in case of an emergency can help you keep your head above water should the worst happen. In an ideal world, you should have at savings worth at least three months' salary, but for many this may seem an ambitious and unachievable goal. However, in the current climate, every penny counts and putting something away, no matter how small, on pay day can soon add up. Getting into the habit of putting money aside in a savings account on the day you get paid and budgeting to make the most of your remaining salary is vitally important."

Choosing a market leading savings account can help maximise any money put aside. For example, depositing £300 per month in the market leading Poppy e-saver account with Coventry Building Society paying 3.15 per cent could earn and additional £60 in interest over 12 months.

Existing savers should also check the rates they are currently being offered as they may find a better deal elsewhere. For those who have an easy access account which included a short term bonus, it's very important to check when this bonus expires as the rate will typically fall and savers should look to switch.

Kevin Mountford added: "Many would-be savers have also been put off saving due to low interest rates, but it is still possible to gain decent returns with the current top savings rates paying over six times that of base rate. It's important to make sure you are on the best deal for your needs and start looking at ways you can be more savvy with your spending - all steps which can help to free up some vital extra cash. Using MoneySupermarket to switch your major bills can help save over £1,000, more than enough to help kick start your savings pot."

Notes to editors:

MoneySupermarket.com's customer commitment

  • No other site compares more prices or products
  • We are independent so only find the best deals for you   
  • The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
  • Your details are safe with us and we won't sell them to anybody

MoneySupermarket.com compares (at 29th March 2012)

  • 98 car insurance providers and 81home insurance providers
  • 11 broadband providers and 18 energy providers   
  • 31 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 28 credit card providers
  • 67 savings providers and 37 current account providers.
  • Over 1,750,000 mobile phone deals

We promise to be clear and impartial

  • All the products in our full search results tables are displayed in a completely unbiased manner.
  • We don't add fees or commissions on to the prices we compare.
  • There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

We promise to be trustworthy

  • We never use your data to make unwanted sales calls or send you spam.
  • We never pass your personal information to third parties unless you give us permission to do so.
  • Even if you choose to receive additional information from us, you can opt out at any time. 
  • We promise to be supportive.
  • You can use our community forum to get information and help from other customers.

If you need further help or support, you can contact our sales advisors or customer services agents.

For further information please contact:

Paul Lawler
PR Manager Financial Services
+44(0)1244-370371
+44(0)787-237-9545
[email protected]

SOURCE moneysupermarket.com

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