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Savers Switching Accounts for Financial Security

New research from Abbey has found that over 2.3 million savers have already taken steps to protect their cash by transferring their savings to a provider viewed as financially strong, or spreading their cash amongst a number of different providers.

Abbey's research reveals that 1.5 million people (13 per cent of the 12.1 million who have switched savings accounts) have moved their savings in order to spread them between different providers, while a further 839,426 (7 per cent) have switched their provider based on the company's reputation for financial strength.
Following the announcement that the Financial Services Compensation Scheme (FSCS) has been increased to £50,000, Abbey's research reveals that eight per cent of all savers (3.3 million people) have more than £50,000 in savings, with the average saver sitting on a deposit of £15,117.

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Date: 9th, October, 2008

Author: Ben Wilkie

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