Withdrawals from savings accounts hit a record high in May, Bank of England data shows UK households withdrew a record £3.8 billion ($4.8 billion) from their savings in May in the wake of rising borrowing costs, according to data from the Bank of England. This was the biggest monthly outflow in 26 years, since records began in 1997. There was a spike in withdrawals from easy-access savings accounts, with $18.5 billion withdrawn from these in May. Some of the cash was likely redirected into fixed rate savings accounts, which pay higher interest, and individual savings accounts (ISAs), which are tax-free. Britons al
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