Almost 49 per cent of savers are unaware of what the interest rate on their account is, says Sainsbury’s Bank.
The research also shows that another ten per cent of people know what money their savings are earning on just some of their different accounts.
It claims that this means savers do not know the interest rates on up to £112 billion of savings. Previous research by the bank revealed that more than a third of savings accounts pay less than three per cent in interest.
Peter Wood, head of savings at Sainsbury’s, said: “There is a real and worrying level of apathy amongst savers when it comes to checking that their money is earning a good rate of return.”
Birmingham Midshires claimed that high costs of living mean an increasing number of people are raiding their savings. It revealed that the average person withdrew £400 from their savings accounts between June and August 2007.
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