Study reveals where Scots are keeping their savings

5th August 2014

With interest rates at an all-time low, many Scots are shunning traditional savings accounts to get better returns on their cash. A study by TopCashback, released today, reveals that the majority now choose to keep their savings in a current account, while around half are depositing money into ISAs. It also stated that men are more than twice as likely to invest their savings into stocks and shares as women are. Other key findings reveal that:

The elderly prefer to save in ISAs
Bonds are most popular in the South West whilst London has the most stocks and shares savers
The majority of 18-50 year-olds now save in current accounts

TopCashback.co.uk, the UK's most generous cashback site, passes up to 105% of the commission rate that retailers pay it - to advertise their products and services - back to its members. The site has more than 3.6 million members, which is more than double the amount of members in the last two years alone.

TopCashback includes 4,100 merchants, from high street big names to smaller, niche online sellers. £3.2 million cashback is earned by TopCashback's members each month, with £600 million worth of transactions passing through it each year. Consumers effectively get, on average, a 7% discount on each transaction they make simply by clicking through to their chosen retailer via TopCashback.co.uk, instead of going to the retailer’s website directly.

TopCashback also provides consumers with discount codes and vouchers, which can be used in conjunction with earning cashback. In 2012 it launched seven product-comparison tools, covering credit cards and insurance policies, which uniquely find the cheapest, and most appropriate, products for consumers’ needs while paying the commission rate to the individual as a cashback rebate on top.

In January 2013 TopCashback was the first cashback site to provide consumers with access to money-saving services through mobile phone camera technology with its ‘Snap & Save’ service, which gives shoppers cashback on in-store purchases.

In June 2013 TopCashback launched ‘TopCashback Plus’, which enables members to get the very best, unrivalled rewards from their shopping. Plus members receive 105% cashback on all purchases and fast-track customer service in addition to a host of other features. The ‘TopCashback Classic’ free service is still available to members inclusive of all its original benefits.

TopCashback.co.uk was named Britain’s 98th fastest growing private company in The Sunday Times Virgin Fast Track 100, in December 2013.