Savers have no idea how much interest they earn
According to the Post Office, 30% of savers do not know how much interest they are earning on their savings. It also reveals widespread apathy over savings, with 42% of savers having always held savings with a single firm and not searching the market for better rates. The best rate is the prime reason people opt for a current account, cited by 42%, but 39% of savers have no idea whether their rates have risen with the Bank of England base rate. “There is a stark contrast between the number of people who say they look for the best interest rate, but have never changed providers,” said Richard Norman, head of savings at the Post Office. “Be it loyalty or apathy, if people haven’t kept an eye on their rate they could be missing out hugely.”
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