The folks who work at Newcastle Building Society clearly don’t have a lot of work to be getting on with.
That is because they are too busy compiling a survey about how many of you think the best place for your savings is “under the mattress”.
What a great survey eh?!
About 11% of you surveyed thought your home was the best place for your savings; this time last year only 4% thought your mattress was the next best thing to Fort Knox.
The survey showed that since the Northern Rock fiasco and the wider credit crunch/crash/crisis, many of you are now (unsurprisingly) more wary about investing in banks and building societies.
Newcastle Building Society said the survey was a “stark sign of the times” and Wendy Lee of the Society said:
“With some attractive savings products available, you might think people are barmy to stash their cash at home. 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.”
Under the Financial Services Compensation Scheme (FSCS), you can, as a saver, get back the first £35,000 of your money should your bank or building society go out of business.
Only 57% of you believe the best place for your hard earned money is in a bank or building society; this is down from 74% a year ago.
So, with the way some banks are heading these days, would you stash your cash under your mattress?
Why not let us know in the comments below?
If you prefer something that provides a bit more security than your mattress, then consider these options!
ISA
- Icelandic Bank Icesave’s Easy Access ISA pays a clean rate of 6.1% AER.
- The Barclays Instant Access Tax Haven ISA pays a huge 6.5% AER
- The Direct ISA from Alliance &Leicester pays 6.25% AER, also with a bonus of 1%
Saving Accounts
- Earn an Annual Equivalent Rate (AER) of 6.16% with ICICI HiSAVE Savings Account
- CITIBANK are offering 6.10% AER with a nine month bonus rate, this is a great account for longer terms savers.
(Please note that articles on Money Hospital do not constitute regulated financial advice. The articles are intended to provide general personal financial information. We urge you to consult an Independent Financial Adviser (IFA) before making any important decisions about your finances. All rates are correct at time of printing but are subject to change without notice.)
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May 13th, 2008 at 9:05 pm
Yes I would put my money under the mattress due to the amount of fraud at ATM’s etc and the attitude of some banks to refunding lost money. I will be going back to using cash only for all possible daily transactions
May 14th, 2008 at 10:05 am
The danger of banks going bust is perhaps averted but it devalues the word ‘trust’ to apply it to these shabby wheeler-dealers. An old sock and a shotgun under the bed, perhaps?