The research has also revealed that only 41% of people with savings accounts claim to know the rate of interest they are receiving. This means that as much as GBP112 billion could be sitting in accounts where the savers do not know the rate of interest being paid.
Peter Wood, head of savings at Sainsbury’s Bank, 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.
Savers should be looking to take advantage of some of the great rates available – there are at least 71 instant access and notice accounts all offering rates of at 6% or more. When shopping around they should consult best buys – our internet saver, which is only one of six to offer over 6% on balances of GBP1 without any bonus or restrictions, has just been named the most consistent best buy account.
