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Savers losing confidence in banks

Published:: 09 October 2008
Topic:: News,Money,Savings

Research has shown that one in five savers has lost confidence in banks following recent financial turmoil and does not think their money is safe.

A YouGov poll of 1,416 people found around 19% of people are worried about the security of their savings, while 21% say they are likely to withdraw some or all of their money in the next month.

Men are less likely than women to fret about the safety of their savings, with 15% of men saying they are not confident that their savings are safe, compared with 23% of women.

Savers were also asked to give banks and building societies a score according to how secure they thought they were.

The Government-backed National Savings and Investments came top, followed by Bank of Ireland and Allied Irish Bank, both of which are covered by the Irish government's recent savings guarantee.

Fourth place went to Britain's biggest building society, Nationwide, with Lloyds TSB coming fifth.

Bradford & Bingley, which was recently partially nationalised, was deemed to be the least secure institution, followed by Halifax Bank of Scotland which is being taken over by Lloyds TSB.