The previous quarter’s reading had already been the highest percentage level of personal savings this decade. Savings rates usually rise in a recession as people get more cautious with their money. Since this has been an especially severe recession, people are being especially cautious. In the short term, this partially frustrates the government’s efforts to get the economy moving again, because people are saving rather than spending. In the long run though, it could lead to a stronger recovery, as people move into it with healthier balance sheets. In the meantime, with all this extra money going into savings, it underscores the importance of being an active and informed consumer in choosing bank products. Differences in interest rates and fee policies can mean hundreds or even thousands of dollars in extra interest as people ramp up savings. Read more on MoneyRates blog - Higher Savings Rates Could Have Long-Term Benefits to the Economy.