Nationwide is the nation's safe haven

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Press Release,Money,Savings

One in seven people would trust Nationwide as the safest haven for their money if they were given £50,000 to invest for at least a year, according to a national poll commissioned by moneysupermarket.com. Abbey came in one percentage point behind on 13 per cent.

• 14 per cent of people would choose to save £50,000 with Nationwide
• 96 per cent of moneysupermarket.com users more aware of the security of their savings because of recent financial turmoil
• 64 per cent are finding it harder to save now than last year

In a further poll from the price comparison site, 96 per cent of moneysupermarket.com users said the recent financial turmoil had made them more aware of the security of their savings.

Nearly three quarters (72 per cent) of those who responded said they had opened a new savings account in the past six months. Two-thirds of them had either taken out a fixed-rate bond or opened an easy access account. Halifax and Alliance & Leicester led the way with 11 per cent each.

Kevin Mountford, head of banking at moneysupermarket.com, said: "Many people will have moved to new savings accounts to ensure their money is safe.

"Some will have split their cash into £50,000 tranches with different providers to be fully protected under the UK compensation scheme, and others will have wanted to make sure their savings are invested in a trusted brand that they can't imagine collapsing."

Forty-five per cent now say the security of the provider should be the most important factor when choosing a savings account, while 47 per cent say the interest rate is paramount. Six months earlier, 66 per cent of these savers had opted for interest and only 26 per cent for security.

However, all this is pie in the sky for many people. Nearly two thirds (64 per cent) are finding it harder to save now compared to this time last year, with the majority of them blaming the spiraling cost of living.

Kevin Mountford continued: "These are worrying times. Those hit hardest by the current economic climate can't afford to save, and those that can are concerned about the safety of their cash."

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