I think many no-frills airlines are pretty safe. For example, Southwest Airlines here in the US has a very good safety record, while maintaining a quick turnaround time for its flights and providing passengers with inexpensive transportation. Of course, there are the airlines such as ValueJet was, which cut costs not only in frills but in maintenance and safety. I think it depends on the airline's aircraft and management where safety is concerned. Mostly, if looking for a cheap way to get from point A to point B, I would check with the less expensive, short-hop, no-frills carriers and would not hesitate to fly with them.