The Cumberland Building Society is using UK Savings Week (September 18-24) to urge every household to check whether they are getting the best deal on their savings – and also to consider starting a regular saving habit to get an even bigger return on the latest interest rate deals.
Research by the Building Societies’ Association (BSA)** reveals that eight out of ten savers in the region are confident they could save another £10 a month, while more than half feel they could save £50 more a month.
Sam Coulthard, Savings & Current Account Product Manager at The Cumberland, said: “With interest rates very low for years, many UK savers have continued to keep their money in accounts earning little or zero interest, and haven’t seen the point of shopping around for a slightly better deal.
“That’s all changed now, so it’s the perfect time to look at your savings in the round – to see if you could be earning better interest on your savings and how much you might be able to save regularly each month. Together it all adds up to something good!”
The BSA research revealed that 31 per cent of savers in the North West put money aside on an ad-hoc basis whenever they have the money, while 37 per cent save whatever they can afford that month.
Sam said: “Whilst it’s not easy for everyone to save at the moment, for those who can, UK Savings Week is a great time to start. Or maybe you’re unable to save right now but could be able to when times improve. That’s where we come in. Whether that’s explaining our different types of accounts, finding a new savings habit that works for you, or supporting you when you need it.”
Unlike banks, which need to make profits to pay to their shareholders, the Cumberland is a mutual organisation that acts solely in the interests of its members – balancing both the needs of savers and borrowers.
“That means since December 2021 we have been able to pass on 71 per cent of Bank of England base rate increases to our standard Instant Access savings account,” says Sam. “According to Moneyfacts***, this is higher than the wider market average pass-on to equivalent products over the same time period”.
The Cumberland offers a range of savings accounts to suit different needs. These include the Instant Access Saver for money you may need quick access to, the online-only eSavings for Cumberland current account customers, Cash ISAs for tax-free savings (tax treatment depends on individual circumstances of each customer and may be subject to change in the future). They also offer a 40 Days’ Notice account and have a range of one-, two- and five-year Fixed Interest Fixed Term accounts for those who want certainty of their interest rate over the term of the account.
The Regular Saver product can help develop a habit of saving monthly for those who are able to put aside between £25 and £250 each month.
The Cumberland also offers two Save and Support accounts and make annual donations to three of the region’s hospices as well as Carlisle United.
*https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp
**Research conducted by Opinium on behalf of Building Societies Association between 23 – 27 June 2023 with a nationally represented sample of 2,000 UK Adults