More than a third of consumers favour bank deposits as the wisest place to put their savings, according to the latest Westpac Melbourne Institute Index of Consumer Sentiment.The proportion of consumers favouring the safety of bank deposits has risen from 27 per cent in June to 34 per cent in the latest survey, reflecting a fall in consumer sentiment. The consumer sentiment index fell from 98.5 in August to 94 in September.Real estate was the favoured destination for savings for 26 per cent of respondents (unchanged from June), while the proportion favouring shares fell from ten per cent to 8.5 per cent.There was less emphasis on debt reduction, with 14 per cent nominating "pay down debt" as the best option, compared with 17 per cent in June.This increase is consumer caution has shown up in several consumer surveys over the past couple of months. According to ING Direct's most recent Household Financial Wellbeing Index, published last month, 44 per cent of households said their financial goal was to save more, followed by reducing cost of living (41 per cent) and cutting back on discretionary spending (32 per cent).A St George Bank Melbourne Institute Household Financial Conditions Report published in July showed that the proportion of households adding to their savings has crept up from 43.6 per cent to 44.6 per cent over the 12 months to June.According to Australian Prudential Regulation Authority banking statistics released last month, banks' household deposit balances grew by 9.3 per cent over the 12 months to July.