Nationwide reports increasing number of savers

by Richard Kilner

Story link: Nationwide reports increasing number of savers

Nationwide Building Society has reported that the total number of savers is now at its highest level since May 2008.

In February eight out of 10 consumers described themselves as either regular or occasional savers, a rise that may be due to the corresponding increase in consumer confidence.

The last Nationwide Consumer Confidence Index saw a six point rise in confidence to 80, the highest since January 2008.

Head of Savings Andy Hutchinson has forecast that the building society will see more and more savers opening or topping up ISAs.

Hutchinson has urged savers to take the opportunity to beat the tax man and utilise their tax-free ISA allowance for the year, adding that estimates suggest ISAs save consumers £680m every year.

Last month Nationwide launched its new ISA range, including the Champion ISA, which pays up to 2.50% gross p.a./AER variable, and the e-ISA, paying 2.75% gross p.a./AER variable, as well as a number of fixed rate ISAs.