UK savers missing out on £1.5bn a year through best savings account “apathy”

UK savers have £59 billion in savings accounts paying less than two per cent a year, Capital One has revealed ñ far below the best savings account rate.

Last year savers stashed away £2 billion in accounts that are not just paying less than the best savings accounts but less than many current accounts.

Savers who took the time to compare rates and find the best savings account rate could earn another £1.5 billion every year, says Capital One, on one of the many accounts offering 4.5 per cent or more in interest.

“Our research clearly demonstrates how millions of people may be receiving a very poor rate of interest on their savings accounts, many of whom have been with the same provider for over a decade,” said Katherine Carlson, head of savings at Capital One.

Ms Carlson said that Capital One was releasing the figures as a wake up call to savers who were each missing out on up to £100 interest every year through their “worryingly high level of apathy” towards the best savings account rates.

Capital One also recommended that an ISA would be the best savings account for those with less than £3,000 in savings, paying tax free rates of up to five per cent.

© Adfero Ltd

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