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Newsletter

British savers 'losing out'

By Sarah Engle, Thu 5 Jun 2008 - Published in Banking

Savers are losing out on approximately £8 billion a year by failing to invest in high-interest accounts, according to new research.

The Post Office has calculated that someone with £5,000 in an account paying interest of two per cent could be missing out on up to £188 a year.

As food prices increase and credit cards are harder to come by, the organisation insists that people cannot afford to let their savings languish in low-interest accounts.

However, the survey found 39 per cent of savers have no idea whether their provider has altered its rate during the recent base rate changes.

Richard Norman from the Post Office said: "It's time savers started to take care of their savings by choosing a home for them wisely – especially in the current economic downturn."

Meanwhile, Skipton Building Society claims that in the past year the big five high street banks have cut rates on internet savings accounts costing customers millions of pounds.