Thousands of lazy savers miss out on £200 returns

By DAILY MAIL REPORTER
Updated:

Thousands of savers are losing out by failing to switch accounts, financial experts warned yesterday.

Many are earning a paltry 1per cent interest when some savings accounts pay as much as 3per cent. For a balance of £10,000, this is an extra £200 in annual interest before tax.

According to a poll, 46per cent of savers have never checked to see what rate they are earning. Yet half of those who bothered to do so had found their rate had been cut since they opened the account.

Piggy Bank on Floo

Take care: Banks seem reluctant to make it easy for customers to know when the rate has dropped

Only one in four savers has switched accounts over the past 12 months, according to Moneysupermarket.com, the website that ran the poll.

Spokesman Kevin Mountford said: 'Many people stick with the same bank for a lifetime, and our findings show a third of savers opened their account over ten years ago. When it comes to savings, this could be a big mistake.

'When times are tough, a simple action such as checking the interest rate on your savings can pay dividends.

'Banks seem reluctant to make it easy for customers to know when the rate has dropped. Consumers need to take responsibility for checking.'

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