UK Money News
28th April 2008
Brits faith in banks shaken by credit crunch
Britons' faith in banks and building societies as the best place to store their savings has been shaken by recent events in the financial markets, a new study suggests.
According to a poll conducted by Newcastle Building Society, just 57 per cent of people now think that depositing their money with an established account provider is the optimum way of keeping their money safe.
This compares with 74 per cent of respondents who regard this place as the safest when the same survey was carried out last year.
The extent to which confidence has been impaired by crises such as the Northern Rock affair was also born out by the fact that 11 per cent of respondents said they perceive that keeping their cash under a mattress is the most prudent option.
"With some attractive savings products available, you might think people are barmy to stash their cash at home," said Wendy Lee, commercial director of Newcastle Building Society.
"Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case."
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