BARCLAYS Wealth in the Isle of Man has reported an increase in the number of new savings accounts being opened - claiming that confidence locally is on the up.

Andy Booth, head of local markets for Barclays Wealth in the Island revealed this after the Bank of England Governor, Mervyn King, warned that interest rates won’t be going up in the near future, despite a 1.1 per cent growth in GDP.

He said: “I am delighted that in recent months we have seen a growing trend towards saving and confidence locally seems to be on the up. The Barclays Wealth premier banking team is opening more savings accounts presently than we have done since before the economic downturn began. It is really positive news that clients are looking to their futures and feeling able to plan and save.”

Mr Booth added: “We recognise that low interest rates is great news for those with loans and mortgages, but is not what those looking to make a return on their savings, particularly those who are relying on savings for future planning and retirement, wanted to hear.”

Savers are being encouraged to be proactive in making their money work harder by choosing products which give the best return.

Barclays Wealth has offices in over 20 countries including the Isle of Man.