Page last updated at 00:35 GMT, Saturday, 26 April 2008 01:35 UK

Trust rises in 'mattress saving'

UK pounds
Consumers have become more nervous since the Northern Rock fiasco

The number of people who think the best place for their savings is "under the mattress" has risen, a survey by Newcastle Building Society suggests.

About 11% of those surveyed thought their home was the best place for their savings, up from 4% a year earlier.

Since the Northern Rock crisis and broader credit crunch, consumers are more wary about investing in banks and building societies, the survey said.

Newcastle Building Society said the survey was a "stark sign of the times".

"With some attractive savings products available, you might think people are barmy to stash their cash at home," said Wendy Lee commercial director of Newcastle Building Society.

"Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case."

Under the Financial Services Compensation Scheme, savers get back the first 35,000 of their money should their bank or building society go out of business.

Only 57% believed the safest place for their money was in a bank or building society, compared to 74% a year earlier.

The findings were based on figures from YouGov, which questioned 2,000 individuals in April.

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