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Current Account Customers Missing Out on Interest

06 October 2010

Current account customers in the UK are missing out on £1.7 billion in annual interest, according to new research.

Current account balances before pay day were analysed by First Direct and revealed that UK workers fail to transfer their pre-pay day balances into a savings accounts, something which is leading them to miss out on valuable interest to the tune of £1.7 billion annually.

The most common date for pay day is the 29th of the month, and 63 percent of First Direct customers have a positive balance in their current account the day before this date, with an average float of £2,590.

“It is incredible that across the UK there is £47.6 billion that is potentially not working as hard as it could be for the country’s workforce,” said Richard Brown, First Direct’s senior saving product manager.

“In the current climate it is worth taking simple measures like adding a sweep facility to ensure you are making the most of your hard earned cash.”

The analysis also revealed that the average float held in customers’ current accounts grew by five percent over the past 12 months from £2,455 to £2,590. This is ahead of wage inflation indicating people are being more careful with their income.

New Savings Current Accounts Online

Norwich and Peterborough Building Society has just launched online versions of two of its most popular savings accounts – Regular Saver, and Family Regular Saver, paying four percent and five percent interest respectively including bonuses.

“These accounts offer excellent rates and we’re pleased to be able to open them up to a wider audience,” commented Gary Lacey, N&P savings product manager.

“Saving regularly, even if it’s only a small amount, soon adds up and the bonuses available on these accounts give people an extra incentive not to dip in to their savings.”

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