Savers 'want instant access'

Over half of British savers now opt for an instant access account and only one in five are looking to tie their money up in a long term savings account, claims a building society.

In a survey of 2,000 people, Birmingham Midshires discovered that 51 per cent of savers had opened an instant savings account in the last three months while only 16 per cent chose to lock their money away.

The have-it-now mentality, whereby people are saving to spend instead of looking to their long term financial health, is stronger in women than in men, claims the survey.

While 46 per cent of men took out an instant access account, among women the figure was 56 per cent. Men also took out more long term savings accounts, with twice as many putting money into an ISA and three times as many investing in fixed rate bonds.

Jason Robinson, director of savings operations for Birmingham Midshires, said: "Instant access accounts are an excellent way of saving for short term needs however we would encourage savers to also remember the long term and make adequate provisions."