Nationwide reports rise in number of UK savers

The Nationwide Savings Index has reported a rise in the number of occasional and regular savers in the UK.

According to the latest statistics, the total rose to its highest level since September 2008 – 79 per cent of adults – during January 2010.

The number of those not saving has also decreased, from 25 per cent to 21 per cent.

Nationwide's Andy Hutchinson said the recent increase in VAT to 17.5 per cent may have seen people spend less money and therefore have more money to save.

"Alternatively, some consumers may have made it their new year resolutions to save more frequently," he added.

"Whatever the reason, it will be interesting to see in the next coming months whether this improvement can be sustained."

Moneyfacts reported last week that the best Isa savings interest rates are currently offered by Santander at 2.53 per cent.

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2010-02-11 14:12:02 © Moneyextra.com