Britain's rich and poor shun savings accounts for the "Bank of Mattress"
17th June 2008
While the credit crunch is persuading some Brits to stash their cash in a savings account and take advantage of the account rate war, others would rather use the "Bank of Mattress".
That is according to MGM Advantage, retirement income specialists, whose latest research revealed that Britain's richest and poorest households are reluctant to put their assets into a bank.
The survey found that one in five people in debt and a quarter of those with assets of more than £1 million would rather store their cash at home.
Savings accounts are still popular however, with 55 per cent of Britons choosing to leave their money gaining interest rather than gathering dust.
Women are more likely to be prudent with their pennies than men with 60 per cent saying they prefer to put their money into a savings account compared to just under half of men.
Consumers need to be wary however of a "two-tier" savings market, the Times reported today (June 17th). The credit crunch has pushed banks to entice new customers while existing clients languish on "derisory rates".