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News: UK savers 'not checking interest rates' News: UK savers 'not checking interest rates'

UK savers 'not checking interest rates'

Wed 28 Jul 2010 - Published in Banking

UK savers 'not checking interest rates'

The UK's savers could be missing out on more than £9 billion in interest by neglecting to check their rates, it has been suggested.

Research carried out by price comparison website moneysupermarket.com found that 36 per cent of savers have never looked at the interest rate paid on their accounts, rising from 31 per cent in 2009.

In addition, the report claimed that these consumers could be missing out on £245 a year in interest on £10,000 savings, coming to a total of £9.4 billion for the whole of the UK.

The study also revealed that 57 per cent of people have never changed savings accounts in order to benefit from a higher interest rate.

Kevin Mountford, head of banking at moneysupermarket.com, commented: "Generally speaking, if you opened a savings account over 12 months ago, you will probably find the account will now be paying a much lower rate than you signed up for."

Recently, lovemoney.com head of consumer finance Ed Bowsher claimed some people are being put off saving because they are afraid that more banks will collapse.