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Save £2,500 by London Olympics with a high-interest savings account

30 July 2008 / by Daniela Gieseler
Putting £2 a day in a high-interest savings account could earn £2,680 in savings by the time of the London Olympics in 2012, Alliance & Leicester has calculated.

According to the bank, 29 per cent of Brits have no savings or investments at all, which could prove disastrous in the case of proverbial 'rainy days'. Saving a mere £2 a day could make a huge difference in case of a financial emergency, and with a little effort and self-discipline savers could reap surprisingly high rewards in just a few years' time.

The research conducted by Alliance & Leicester Savings reveals that 68 per cent of non-savers think they have not enough cash left over to put into savings once they paid all their bills, and five per cent even said that savings were not a priority for them in the current economic climate.

The majority of Brits admit they feel the effects of the crunch, mainly due to increased petrol prices (67 per cent), soaring costs of food (63 per cent) and utility bills (63 per cent).

However, it is just because the cost of living is escalating at the moment, that people ought to keep some money in reserve in order to avoid being left out of pocket should unexpected expenses be necessary, the bank urges.

Just £50 pound a month – or £1.66 a day – in a high-rate savings account could go a long way in a few years time and give people peace of mind that they have got a solid base of money at their disposal.

Hetal Parmar, Manager for Savings at Alliance & Leicester, said: "Even by starting with a small "warm up" amount each month, saved in a high interest account, Brits can build up a nice sum of money without breaking much of a sweat! It’s important to remember that saving today will provide security for tomorrow."

© Fair Investment Company Ltd