Over-65s are more likely than other age group to have large amounts of cash in savings accounts - and many are not taking advantage of the best rates
But the same amount of money in an account paying 3 per cent would make just £600 – leading to a saver missing out on £400 by not choosing the best-paying account.Becky O’Connor, Director of Public Affairs at PensionBee, commented:
“When choosing accounts, hundreds of pounds of interest a year is at stake for retired people, who in general have built up more substantial savings over the years than younger workers. The PensionBee research found that just 24 per cent of working-age savers had their money in accounts paying 4 to 5 per cent, compared with slightly more of pensioners – though the higher amounts saved mean those of retirement age have more to lose on the whole.
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