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£6.1 billion forgotten in lost savings!

£6.1 billion forgotten in lost savings!

Category: Savings

Updated: 10/03/2017
First Published: 25/01/2011

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 It is now over 6 months old so the content may be out of date.

Hard-up Brits have admitted that up to £6.1 billion worth of forgotten savings could be languishing somewhere in long lost savings accounts.

Despite people claiming to be more cash conscious than ever, new research from Clydesdale and Yorkshire Banks has revealed that Brits are a forgetful bunch when it comes to keeping track of savings.

The survey suggests that an estimated 10 million Brits have forgotten about savings accounts, only to stumble across an average of £600 in old accounts at a later date.

Around one in five people admitted to discovering cash in old ISAs, children's savings accounts, bonds and dust-covered money boxes.

As to why so many people lose track of their savings, the survey revealed that it is mainly to do with the weird and wonderful places that savers choose to stash their cash.

Almost half of those questioned admitted to still owning a childhood money box in which they kept their pennies, while nearly one in five said they kept their cash in a kitchen drawer.

Another 6.2 million people were so distrusting of themselves that they preferred to pass savings to family and friends for safekeeping.

One in ten people said that under the bed or mattress was their savings hideaway of choice.

"Our research revealed that people are still keen to save this year and it's encouraging that people are putting money away for the future," said Steve Reid, director of retail banking at Clydesdale and Yorkshire Banks.

"However, about a third are keeping savings in their current account, missing out on interest rates.

"We would always encourage people to look at ways to make their money work harder in a savings account to suit their needs."

If you think you could be getting your money to work harder for you, Moneyfacts.co.uk will have the savings account for you.

Some of the best interest rates at present are available on long term fixed rate bonds such as Coventry Building Society's Five Year Fixed Rate Bond paying 4.75% AER, and SAGA's Five Year Fixed Rate Bond which pays 4.50% AER.

If it's money that you've forgotten about and only just found, then putting it away and forgetting about it for another considerable period of time shouldn't be a problem!

Find the best savings rates for you - Compare savings accounts

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