Most UK savers do not know how much interest they are earning on their savings and have not changed providers for 14 years.
Research from Saga revealed that half of all banking customers saving money had checked their interest rate once a year or less. More than two thirds of the saving public does not know how much interest their money is generating.
Whilst 71 per cent of banking customers saving money believed a good savings interest rate was important, more than half could not say whether their savings interest rate would be competitive in six months' time.
Andrew Goodsell, chief executive of Saga, said that UK banking customers saving money have "all the right instincts" for saving.
However, he pointed out that the failure to check interest rates meant that people "could be missing out on the most competitive rates".
"Switching accounts is an increasingly easy process, and we would urge all savers to check their savings rate to make sure they are making the best of their money," he added.
Just 2.5 per cent of adults claim to have opened a savings account with a different provider from their main bank, according to research from TGI.
Saga: People saving money are reluctant to switch
Saga: People saving money are reluctant to switch
Mon, 26 Sep 2005
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