Stockport: North West 'apathy' leading to loss in savings warns Vernon Building Society this UK Savings Week

By Alex Greensmith

9th Sep 2024 | Advertisement Features

Small investment of time can make a valuable difference to bank balance, but the region is failing to shop around.

North West adults are diligently saving around £219 per month on average[1], but apathy towards finding the best savings account means they're losing out financially warns North West mutual, Vernon Building Society.

It would take just minutes for savers to compare the interest rate on their savings account to others available but 36% of people in the North West never do so according to this year's UK Savings Week report. Some 38% are with the same savings provider they opened their first account with as a child and 31% hold most of their savings in their current account.

Vernon Building Society launch a new Online Regular Saver account to encourage healthy savings habits. (Image - Supplied)

"Don't rest on your laurels when it comes to your finances," urges Steve Fletcher, CEO at Vernon Building Society, "a small investment of time can make a valuable difference to your bank balance."

Unlike current accounts that often do not pay interest, with Vernon Building Society's new Online Regular Saver account, which offers an interest rate of 6.50%, people could save up to £3,000 each year and earn £106.05 interest.

"It takes just a matter of minutes to find the most suitable savings account for your needs, with the highest interest rates," continues Steve.

A Vernon Building Society branch, of London Road, Hazel Grove. (Image - Google)

"Our new savings account is available to people in Greater Manchester and Cheshire and alongside benefitting from a great interest rate, by keeping their account local, they will also be helping us to support community groups and charities in their area."

The Vernon's Online Regular Saver account, with its 6.50% interest, has been designed to encourage people living in Greater Manchester and Cheshire to save between £25 and £250 per month.

The new savings product is available to an estimated three million UK adults living in the following postcode regions BL, CH, CW, M, OL, SK, WA or WN. Unlike regular savings accounts offered by Co-operative Bank and Nationwide, you don't need to have an existing account with Vernon Building Society to benefit from this new, high-interest savings account.