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Friday 22nd February 2008
The squeeze of household budgets means that shopping around for the best savings account is especially important, a price comparison site has said.
Data from Birmingham Midshires showed that over the last quarter the direct savings provider's customers have withdrawn an average of £961 from their accounts.
This is up from just £349, with the rise attributed to increasing numbers of people being forced to raid their savings to cover higher energy bills.
The firm's gloomy findings mean that it is vital that consumers ensure that they maximise the return on their savings, according to Rachel Thrussell, head of savings at Moneyfacts.co.uk.
She said: "The last year has seen many families finances stretched, with many having to dip into their savings to get by. However savers can now start building up their reserves again and there has never really been a better time to do so.
"The battle for savers money is fierce with many institutions launching accounts paying higher than expected rates following the base rate cut."
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