Consumers move to 'take advantage of credit crisis'

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Bank customers are considering a move to transfer their savings to new accounts in an effort to make the best of the UK's credit crisis, according to new research.

The findings from Abbey Savings reveal that consumers have considered switching around £57 billion of savings into new accounts in order to take advantage of high rates currently on offer in the financial market.

However, customers have also been warned by the bank that the current high interest rates may only be available for a limited time as London Interbank Offered Rates (LIBOR) have shown falls in the past week.

Speaking at the launch of two new short fixed term savings accounts, Reza Attar-Zadeh, director of savings and investments at Abbey, said: "This is a great time for savings and we are seeing interest from new savers at unprecedented levels."

"We would urge savers to take advantage of these excellent rates while they last."

Abbey's findings on savings and the benefits of short term savings bonds come after research by JPMorgan Asset Management found that 25 per cent of parents use their savings to fund their children's education.

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