A new survey on savings has found that security is the main - and growing - priority for savers. Postbank's second quarterly savings index reveals that 54% of Irish savers say security is their main consideration when picking a savings account
Security comes ahead of easy access (22%) or higher interest rates (21%) when choosing a place to save their money. This is an 11% increase from the December survey.
The survey also shows that 60% of people do not actually know what interest rate is paid on their money.
A new question in this quarter's survey was how long savers wanted to tie up their money. 62% want to maintain easy access to their money, with 35% of the total saying they want instant or same day access. Just 4% were willing to commit to a period greater than five years.
Postbank also asked whether people expected to have to dip into their savings in the next three months. Just over half believe that they will not have to take out some of their savings, while 44% expect that they will have to use some savings between now and June.
'The general concern about the economy may be affecting how people feel about the security of their money,' commented John Donegan, Head of Marketing at Postbank.
He added, however, that it is very positive that three in four adults plan to increase or maintain their level of savings in the next three months.
