Consumers 'increasingly aware' of better savings rates

Many UK consumers are becoming increasingly aware of the benefits of switching their savings accounts, according to new research by Birmingham Midshires.

The savings and mortgage provider's study found that 68 per cent of people who switched their accounts to a different provider did so in order to get a better rate from an alternative firm.

It was also revealed that 87 per cent of people have saved as normal in the past three months, with one in ten opening a new savings account recently.

Commenting on the research, Birmingham Midshires' savings operation director, Jason Robinson, said: "It is encouraging to see that recent market conditions have not dampened Brits' enthusiasm for saving.

"Clearly the majority of people are keen to maintain their good habits and save as regularly as they can."

Part of the Halifax Group, Birmingham Midshires was formed as an amalgamation of around 50 building societies in the Midlands and offers a number of products to consumers across the UK.

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