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Making savings is public&#39s cup of tea

The British have unusual habits when it comes to saving money, according to Abbey National research.

Reusing teabags and sharing bath water are a common occurrence for 31 per cent of people questioned.

The most popular way of saving cash is by buying reduced-price food at the supermarket, with 80 per cent of shoppers always looking on the bargain shelf.

More than 20 per cent of under-24s admit they regul-arly dodge fares on buses and trains, while almost half of under-35s will drive further to buy cheaper fuel.

Other statistics from Abbey National show that two-thirds of people save without a specific purpose in mind. Those who do have goals are most likely to be saving for holidays (16 per cent) or household bills (19 per cent).

To coincide with the research, Abbey is offering an instant-access savings account, Flexible Saver, where interest is calculated monthly, depending on how customers access their account. If customers go through a branch, a rate of 3 per cent applies. Savers who use cash machines, telephones, the internet and postal applications receive 4 per cent.

Savings and banking director Janet Connor says: “We all like spending money more than saving it but, as this research shows, we are quite ingenious when it comes to finding ways of tightening our belts.

“Flexible Saver is the perfect home for those who want to save but have the flexibility to get at their money quickly and easily.”

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