Savers Take Shelter During Economic Storm
Nervous British savers are turning to safer saving avenues as the UK Government keeps its plans under wraps, Fairinvestment.co.uk traffic has shown.
As speculation mounted last weekend over the UK deposit guarantee scheme, Irish banks have been experiencing a surge in popularity following Ireland's unlimited deposit guarantee announcement.
And, during last weekend, traffic through Fairinvestment.co.uk reflected this trend. The Post Office's savings products are provided by the Bank of Ireland and, as a result, savers have been rushing to move their cash to the safety of an unlimited guarantee.
In fact, the Post Office Instant Saver's market share through Fairinvestment.co.uk has more than doubled over the past two weeks, and the Post Office savings accounts accounted for 17% of savings traffic through Fairinvestment.co.uk last weekend.
A similar surge in nationalised bank Northern Rock's savings products has already forced the bank to withdraw the majority of its savings accounts for fears it would have an unfair advantage over other savings account providers.
Date: 9th, October, 2008
Author: Ben Wilkie
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