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Bank charges: Brits stash savings at home

Many Brits stash money and savings in their homes, suggesting people do not trust banks with their cash.

The Financial Services Compensation Scheme (FSCS) has revealed that more than £7 billion in cash is stored in UK homes.

Although the average amount of money kept at home was £280, four per cent said they had over £1,000 stored in their houses.

Martin Lewis of said: "To have truly safe savings everyone needs to understand the rules.

"The financial services industry doesn't have the best reputation right now, but put your money in a fully UK regulated savings account and the first £85,000 per person per institution is now protected with a government backed guarantee."

According to the FSCS research, small returns were partially to blame for the number of people keeping cash at home.

Findings revealed that 32 per cent see no point in depositing money in a bank because of the historically low interest rates.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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