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Tax-free savings a priority for UK savers

A new survey from Birmingham Midshires (BM) Savings, part of the Lloyds Banking Group, suggests tax-free savings are a priority for around half of UK savers, particularly for those aged between 25 and 34.

According to the company’s latest quarterly Saving Britain report, 26% rated inflation-tracking savings accounts as their second-highest priority.

The average amount saved during the last three months increased from £768 to £915, while the average amount raided from savings accounts fell from £1,750 to £1,659.

Commenting on the findings, John Bianco, head of products at BM Savings, said: “As we move into the second half of the year, it is encouraging that consumers are saving more.

“Consistently putting money away is a great way to ensure savings pots grow over time.

“There are many great accounts available at the moment for those looking to get the most out of their savings, including our Inflation Rate ISA for those who want to make the most of tax-free savings whilst also ensuring they keep up with inflation-tracking savings.”

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