Motorists raid savings bank for car cash
More drivers in the UK are trading in the money in their savings bank to pay for a new car, according to the AA.
New research by the AA suggests that Brits are using up the money in their savings bank to pay for a new car.The poll, which questioned over 13,000 car owners, found that 47 per cent of those looking for a new vehicle are going to use their savings to do so, and the company believe this has been spurred by the government's scrappage scheme.
Motorists with cars over ten years old can receive £2,000 cash back towards the cost of a new model when they scrap their current vehicle.
The AA also said that the results of the survey show that Brits are increasingly gaining confidence with their savings.
Mark Huggins, director of AA Savings, said: "With interest rates improving, now is certainly a good time to get back into the habit of saving."
Moneyfacts recently said that three big savings banks, Intelligent Finance and Barnsley and Principality building societies, recently increased the interest on their online accounts.
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