14 May 2012

New Zealanders saving more

7:22 pm on 14 May 2012

More New Zealanders appear to be saving, but they could be missing out on higher interest rates by not shopping around for the best deal.

A survey by the online savings bank RaboDirect found 73% of New Zealanders now have cash savings, compared to 47% in 2010.

RaboDirect's general manager Melanie Templeton says there has been a profound shift in people's savings habits.

However she says savers could earn more by shopping around for the best rates.

She says at least 30% of people do not shop around at all.