Women keep 25% of finances in cash

18 January 2006
British women are holding a quarter of their wealth in cash and are therefore missing out financially, according to a new report.

Research from Investec Private Bank found that 12.8 million female Brits have cash deposits while a further 1.7 million have all of their assets in cash.

With such a significant amount of money being kept in cash savings, Investec warns that women should ensure it is deposited in suitable accounts, otherwise they risk losing out.

"Sadly, many women have a huge proportion of their wealth deposited in second rate savings accounts," said Linda McBain, head of banking and treasury at Investec Private Bank.

"Whilst it is important to retain a cash element as part of a balanced portfolio, women should look around for higher rate savings accounts and not be tempted just by introductory bonus rates, which in most cases expire within a year."

Investec advises women to shop around and says they could earn more than 4.5 per cent interest on a zero-notice savings account, or more than five per cent on a notice account.

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