Stat of the day: £12bn

The amount of interest savers are missing out on by not switching from their low-return bank accounts.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
According to a survey by consumer watchdog Which?, savers are missing out on an extra £12bn worth of interest payments by holding their money in accounts that paying low returns. (That’s collectively, of course - no savings account’s that good).

The consumer group says half of the 1,200-plus savings accounts available in the UK pays interest of 0.5% or less, while a quarter pay just 0.1% or lower.

It's not all down to our own laziness, though: Which? says few banks provide enough detail on the savings rates that are available. The group is advising people to take action and fight what it's calling the 'savings scandal' (very Daily Mail). Just don’t all rush at once: if everyone moves to a high-rate account then interest rates are likely to take a swift dive - and at the moment, that's something we really can't afford.

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