Recent savings research shows that south west London residents from the borough of Richmond have £30,000 in average savings while in Aberdeen they have an average of £26,000. There are other areas such as Edinburgh and Putney that have residents with savings of £20,000 or more according to the report from Halifax.
The South East and Greater London have 31 out of the top 50 postal codes with higher balances that any others. Moneynet rep Andrew Hagger said it is not surprising to see in the more affluent neighbors of the UK the accounts with the higher balances. The hope is that no matter where customers live, they still shop around looking for the best rates and that they make use of the ISA allowance.
With such high inflation and low interests rate is will be interesting to see the balances of the bank accounts a year from now to see if the savings have been depleted in order to maintain a certain level of living standards. The most recent spike in the cost of living means those higher rate taxpayers must find a savings account that will pay 7.5% to really receive a return after you take into account inflation and taxes.