Savers urged to review their accounts - Savings - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Savers urged to review their accounts

Savers urged to review their accounts

Category: Savings

Updated: 20/09/2011
First Published: 03/08/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Savers could be losing out on valuable interest from their savings accounts, simply by not knowing how much they pay.

Almost half of savers (47.7%) hold only a single savings account, while less than half of people know how much they have stowed away.

Indeed, research from first direct shows that less than half of us know how much our hard earned money is raising from interest, meaning most of us could probably be banking more just by switching our accounts.

Additionally, 37% rarely or never check their balance, all highlighting a serious lack of knowledge when it comes to our savings accounts.

"In the current environment it's worrying to see what little attention people are paying to their savings," said Bruno Genovese, head of savings at first direct.

"It's important for people to review their savings regularly. Only then can they ensure they have the best account for their needs and have made the most of their tax free allowance."

The figures are something of a surprise, given how tough conditions have been for savers in recent years.

The combination of relatively high inflation and low interest rates has meant that savers have had to work harder than ever to achieve a meaningful return on their money.

Moneyfacts.co.uk has provided a selection of accounts which pay some of the best rates in their respective fields below.

If your account doesn't pay close to the equivalent product below, now could be the time to look elsewhere:

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close