Millions of savers in the UK could be losing out on hundreds of pounds annually by keeping their hard-earned money in the wrong bank account. Research from Shawbrook Bank revealed a staggering 13 million current accounts in the UK hold balances over £5,001, with an average of £23,600. Experts warn that current accounts, which are not designed for savings, typically offer low interest rates - or none at all. They suggest considering easy access accounts, which currently offer great rates of return while providing the flexibility savers want.
Millions of savers in the UK could be losing out on hundreds of pounds annually by keeping their hard-earned money in the wrong bank account. Last year's research from Shawbrook Bank revealed a staggering 13 million current accounts in the UK hold balances over £5,001, with an average of £23,600.
At present, the average high street easy access account offers 2.92% interest, while the top account provides 5%. On £5,000 over two years, failing to switch could cost more than £208 in lost interest - assuming rates remain constant. Current accounts, which are not designed for savings, typically offer low interest rates - or none at all. He acknowledged that people might be worried about locking away their funds and said that this could be why they choose current accounts to store their wealth.
SAVINGS BANK ACCOUNTS INTEREST RATES EASY ACCESS ACCOUNTS FINANCES
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