How a third of savers miss out on interest by keeping their money in a current account
- Three in 10 savers said they never check what their rates are with their own bank
Around a third (34%) of people with savings hold most of this money in a current account, according to a survey which indicates they could be missing out on better returns elsewhere.
Many current accounts do not pay any interest on the balance, although banks and building societies have generally been improving their offerings for savers recently as interest rates climb higher.
People can choose from a variety of savings accounts to suit their needs, such as instant access deals, longer-term deals where money is locked away for a certain period, and tax-efficient Isas.
One in seven (15%) adults have no savings at all, according to the survey, released to mark UK Savings Week 2023 (September 18 to 24).
Many current accounts do not pay any interest on the balance, although banks and building societies have generally been improving their offerings for savers recently
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
