Demand for putting cash away into savings accounts is on the rise, new figures from Santander show.

The group found that Britons are saving around 12 per cent more than they were this time last year, while the number of people without any savings at all has declined by a third.

Figures reveal that the average person deposits £114 per month into a savings account, up from £102 in September 2010.

Head of savings Matt Hall commented: "The importance of having cash saved for a rainy day has never been more real and as a result, many people are taking a long hard look at their finances and identifying ways to start saving more."

Further statistics show that the average amount held in savings stands at £20,604, with men saving £132 a month and women putting away £98.

Instant access savings accounts were found to be the most popular, followed by cash ISAs and regular savings accounts.