December 2011
Featured in this insight: Financial services, IT & telecommunications
Survey nudges Britons to review their savings account provider for best deal: According to a new survey of 2,000 people by online comparison site Governor Money, Britons have lost an estimated £12bn in interest payments by failing to put their money into optimal savings accounts.
The UK public have been found to be apathetic on this issue – due to a combination of low interest rates and rising inflation, people have become disillusioned about the prospects of getting a better deal on their savings.
Almost half of those surveyed said they felt there was "no point" going through the hassle of switching accounts because rates are so low, while 15% said they had "given up entirely" on getting a decent savings deal.
In addition, nearly a third of savers said they had never switched providers, and one in four said they had only moved their savings account once.
Nevertheless, financial experts warn that despite the low interest rate environment, there are significant differences between the best and worst-paying savings accounts. For example, the average Cash ISA pays just 0.6%, compared to many standard cash account which only offer 0.1%.
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