Despite 15-year high interest rates, over a third of North West adults keep their savings in low or zero interest accounts, says the region’s largest building society.

During UK Savings Week, from September 18-24, The Cumberland Building Society is encouraging households to scrutinise their current savings deals while considering adopting regular saving habits.

Building Societies Association’s (BSA) research uncovers that 80 per cent of savers in the region think they could save an additional £10 monthly, whereas 50 per cent believe saving an extra £50 per month is achievable.

Sam Coulthard, Savings & Current Account Product Manager at The Cumberland, said: “With interest rates very low for years, many UK savers have continued to keep their money in accounts earning little or zero interest, and haven’t seen the point of shopping around for a slightly better deal.

“That’s all changed now, so it’s the perfect time to look at your savings in the round – to see if you could be earning better interest on your savings and how much you might be able to save regularly each month. Together it all adds up to something good!”

The BSA research further revealed that 31 per cent of regional savers deposit money sporadically, depending on if they have the money, while 37 per cent consistently save whatever they can afford that month.

Sam said: “Whilst it’s not easy for everyone to save at the moment, for those who can, UK Savings Week is a great time to start. Or maybe you’re unable to save right now but could be able to when times improve. That’s where we come in. Whether that’s explaining our different types of accounts, finding a new savings habit that works for you, or supporting you when you need it.”

Cumberland Building Society, as a mutual organisation, differentiates itself from banks with their member-interest focus in place of shareholder profits.

“That means since December 2021 we have been able to pass on 71 per cent of Bank of England base rate increases to our standard Instant Access savings account,” said Sam. “According to Moneyfacts, this is higher than the wider market average pass-on to equivalent products over the same time period”.

The organisation looks to reward customers for their loyalty as part of its 'Kinder Banking' purpose, offering the same interest rate or more to existing variable rate savings products to that offered to new customers on equivalent products.

Cumberland offers a multitude of savings accounts to satisfy needs, including the Instant Access Saver for quick-money access, eSavings exclusive to Cumberland current account customers, Cash ISAs, a 40 Days’ Notice account, and Fixed Interest Fixed Term accounts.

The Regular Saver product allows a monthly deposit between £25 and £250, and the building society also offers two Save and Support accounts, making annual donations to three of the region's hospices as well as Carlisle United.