The amount of money held in savings accounts plummeted by a record amount in January, according to the British Bankers' Association. The value of savers' accounts fell by a gigantic £2.3bn as savers whipped out their cash and decided against putting it away.
Judging by the response to our Isa clinic yesterday there is still an appetite for saving, and plenty of people are keen to find out where the best rates can be found.
But with even the highest-paying accounts barely scraping past the 3% mark it is hardly surprising savers are dispirited. What is the point in squirrelling away cash that will earn you next to nothing? You can see why people feel inclined to stuff their hard-earned under the mattress or leave it languishing in current accounts, or simply spend it.
Have miserable interest rates put you off building a nest egg? Do you feel more inclined to spend your spare cash than to save it in today's low interest rate environment? Or do you simply have less money to put aside?
