Brits 'left in the dark' about savings

Brits feel that banks are leaving them in the dark about what happens to their money once it is deposited in accounts with the best savings rates.

Research by Triodos Bank found that just three per cent of people think that banks are transparent enough, while 85 per cent claimed to want more information about what happens to their savings.

A further 54 per cent said they would consider switching provider if they discovered their bank was using deposits to fund controversial industries.

"UK consumers want and deserve a full understanding of where their money is being invested and lent, so they can make informed decisions about where to deposit their savings," said Charles Middleton, managing director at Triodos Bank.

Despite the concerns, Andrew Hagger, spokesman for Moneynet.co.uk, said that even families in financial difficulties should maintain some form of savings in order to provide some form of safety net.

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2011-10-10 17:04:02 © Moneyextra.com