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The worst savings account in the world

The worst savings account in the world

Category: Savings

Updated: 12/08/2010
First Published: 12/08/2010

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 It is now over 6 months old so the content may be out of date.

A staggering £43 million is lying idle down the back of Britain's sofas, a new survey has revealed.

People are neglecting to look after the pennies when it comes to making the most of their loose change, according to Halifax.

Two thirds of Brits regularly find money in unusual places which could be put to better use, with £1.61 the average amount thought to be down the back of the nation's settees.

Pockets are the place most likely to contain loose change, followed by at the bottom of a bag, in the car and down the back of the sofa.

All told, it is estimated that an average of £17.69 is hidden in such places.

When it comes to picking up money in the street, the average minimum amount Brits would pick up is 50p.

However, two thirds said that if they saw a penny lying in the street, they would pick it up for good luck.

"These figures prove that we should no longer ignore our loose change but manage these small sums more wisely," said Flavia Palacios Umana, head of products at Halifax Savings.

"The old saying 'take care of the pennies and the pounds will take care of themselves' continues to be firmly the case. We need to recognise this, instead of leaving our loose change languishing down the back of the sofa."

Many savings accounts can be opened with as little as £1.

Why not have a rummage around and gather up all your loose change?

The rate of interest available in a savings account will be considerably higher than that achieved by keeping your cash inside your furniture.

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 Any products featured may be withdrawn by their provider or changed at any time.

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