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Saga notes upswing in savings deposits

Savings deposits at Saga have hit £3 billion, the account provider announced today.According to the firm, deposits made now are also 50 per cent up on those made at the beginning of the year.The upwards trend in savings have come as householders look to safeguard their personal finances in the current economic climate, rather than overextending themselves on credit cards and loans.Recent rate cuts from the Bank of England, which has lowered its lending rate from five per cent to two per cent since October, have in turn damaged savings account rates, however.Paul Green, head of communications at Saga, commented: "In uncertain times, people are turning to British brands they trust and at the same time offer good rates."We predict that with the current economic crisis panning out before them, people will be more inclined to go with a well-known provider when they are next making decisions in the financial marketplace."

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