The Post Office Reveals a Nation of Secret Savers

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Ten per cent of UK adults have a secret savings account

More than one in ten UK adults admit to having a savings account that they keep hidden from their partner, with one in 20 hiding over £10,000, according to new research from the Post Office.

A quarter of those with a secret savings account claim they keep the account hidden as a 'safety net' in case the relationship doesn't work out. Meanwhile 18 per cent felt their money was none of their partner's business and 20 per cent said their secret savings account made them feel more independent.

The research reveals men are significantly more likely to have a secret savings account than women, with 22 per cent hiding an average of £2,128 from their partner, compared to only 11 per cent of women hiding an average of £1,927.

For those with a savings account, secret or otherwise, it is vital to make sure your money works as hard as possible. The Post Office has recently expanded its savings range with the launch of a new Online Saver account.

The new savings account offers one of the best easy access rates in the market at 2.75% gross*/AER** variable, including a guaranteed 12 month bonus.*** Customers can apply for the savings account online in less than ten minutes.

Doug Strachan, Director of Financial Services at the Post Office, said: "Whether your savings are secret or not it is sensible to ensure your money is working as hard as possible for you by choosing competitive interest rates or tax-efficient savings accounts."

*Gross rates are fixed and do not take into account deductions of income tax
** AER stands for Annual Equivalent Rate and illustrates what interest a saver would receive if the interest was paid and compounded each year
***rate applies to annual interest option and includes 1.25% gross/AER fixed interest bonus for the first 12 months.

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