Sainsbury's Bank: Savings accounts are a "safe haven"
24/08/2007
Experts at Sainsbury's Bank assert that savings accounts are something of a "safe haven" for investors in the current climate of stock market volatility.
Savings accounts are an appealing investment alternative as stocks are proving unstable, it has been suggested.
Savings accounts are an attractive destination for cash investments among investors who are concerned with stock market movements of late and the threat of further falls.
According to figures released by Sainsbury's Bank the amount of money channelled into its Internet Saver account in early August was 42 per cent higher than in the same period last year.
"When the stock market is volatile, a high paying savings account would look very attractive to an investor," commented Peter Wood, head of savings at Sainsbury's Bank.
He added that providers will be looking to review their savings products with a view toward attracting more funds.
It has been warned that city jobs and bonuses could be at risk due to recent stock market volatility, according to the Centre for Economics and Business Research, reports the Scotsman.
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