Traditional savings accounts 'still popular'

A survey has found that Britons continue to keep faith with banks, with the majority entrusting the institutions with their savings.

Despite economic uncertainty, savings accounts are still favoured by 55 per cent of consumers, according to the poll by MGM Advantage.

Of these, most were women, with 60 per cent expounding the security benefits of a bank compared with just 48 per cent of men.

Plymouth was identified as the area most likely to shy away from financial institutions, with confidence levels low since the onset of the credit crunch.

Across the whole nation, one in 20 would prefer to keep the money left over from household bills, mortgage repayments and home and car insurance premiums safe under their mattress rather than depositing it in a bank.

According to April figures from the British Bankers' Association (BBA), personal savings deposits are on the rise, with annual growth now standing at 6.2 per cent.

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