- Accompanying research shows UK savers are cutting back on discretionary spending and saving more
LONDON, 16th May 2012: GE Capital Direct, a new UK-based online savings bank launches today, offering a choice of simple, safe and secure savings accounts for UK savers. The bank provides an alternative to traditional high street banks, catering for consumers across the UK looking for a convenient and trusted home for their savings.
GE Capital Direct is UK-based and a member of the Financial services Compensation Scheme (FSCS). It builds on and supports GE Capital's strong heritage of providing financing for UK businesses.
Commenting on the launch, Sheragh Beirne, Managing Director of GE Capital Direct said: "We have spoken to thousands of savers in preparation for launch to ensure we understand their needs. The result is a savings bank that puts customers at the heart of what we do, from providing jargon-free literature to a commitment to resolving any issues quickly and fairly."
GE Capital Direct will initially offer two simple and straightforward savings products: the GE Saver and GE Bonus Saver, offering competitive rates of 2.35% and 2.65% respectively. All deposits with GE Capital Direct of up to £85,000 will be covered by the UK FSCS Guarantee.
Accompanying the launch, new research from GE Capital Direct highlights that many UK savers are seeking to insulate themselves from wider economic uncertainty. The study of over 2,000 UK adults found that nearly half of all respondents (46%) had reduced their personal spending and put a greater priority on their savings behaviour.
As a result UK savers are putting away on average £182.47 a month - with those aged 25-34 saving the most (£212.02). Holidays (47%), eating and drinking out (54%) and clothes (53%) are the key areas where consumers are cutting back, highlighting a shift away from short-term luxury purchases in favour of future financial stability.
Commenting on these findings, Sheragh Beirne said: "People are understandably concerned about protecting their financial wellbeing in order to feel safe and secure. At GE Capital Direct, we're committed to providing a straightforward, transparent and clear approach to encourage more people to feel the benefits of saving."
As part of the launch, GE Capital Direct has developed the GE Capital Direct Customer Promise, a series of commitments built on the bank's principles of trust and transparency, safe and secure savings accounts and first class customer service. For example, our best new rates will be available to both new and existing customers and savers will have access to GE Capital Direct's UK-based customer service team seven days a week.
For more information about GE Capital Direct, its products and to view the GE Capital Direct Customer Promise, please see here www.gecapitaldirect.co.uk
Ends
Michael Goodbody
GE Capital EMEA
[email protected]
+44-207-302-6269
+44-7899-808-239