Despite poor rates, consumers have increased their savings in the last year.This is according to the British Bankers' Association (BBA), who said that personal deposits had risen by 5.5 per cent in the last year in spite of the fact that saving rates can be as low as 0.1 per cent after tax.The BBA suggested that the main reason for this surge in saving is due to lower consumer confidence.It noted that new savings were higher than new borrowing statistics, in spite of the fact that there are financial schemes available to help consumers. For example, Help to Buy and the Funding for Lending Scheme are both intended to reduce the cost of mortgages.Directors of statistics at the BBA David Dooks said: "Low consumer demand is depressing demand for new borrowing and consumers are continuing to save."In contrast to savings rates, Mr Dooks noted that the government housing schemes had made banks offer competitive interest rates.Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers.
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