Savers stash cash under the mattress

08/12/2009

Confidence in Britain's banks is so low that savers have taken to stashing their cash in their homes.

That's the finding of a new survey from the Bank of England. Their review of cash in circulation in the UK revealed that bank notes had surged in popularity in the last two years.

High denominations have proven to be particularly popular. Indeed, the total value of fifty pound notes in circulation has climbed by two billion pounds since 2007.

However, the survey also found that the amount of cash being passed over the counter has declined – suggesting that consumers are choosing to keep it at home for a rainy day.

The Bank said that the results were down to a number of factors, such as low inflation and indeed a loss of faith in the banks.

Don't forget – if you're looking to make your money go as far as possible then you can use the EuroDebt and Secure Trust Bank prepaid current account.

Details are available at www.bankswitching.co.uk.

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