Piggy Banks Bulge while Britons struggle to find a good Bank
Don’t trust your bank? You’re not alone. A new study has revealed Britons are resorting to keeping a staggering £3.5 billion out of the banks and in their house.
Research by Virgin Money found 1 in 6 Brits keep money stashed at home with 15% keeping up to £1,000 at home, and 2% up to £5000, and missing out on some serious interest with an ISA.
Almost 13,000 Britons switch banks every day looking for a better deal and with constant interest rate increases and charges it appears that people just can’t find a bank they are happy with and are resorting to keeping money at home.
Apart from running the risk of losing the money, people keeping their money under the mattress miss out on the interest they could be accumulating if they were to put the money in a high interest savings account.
Rachel Thrussell, Head of Savings at moneyfacts.co.uk commented: “If you are getting a poor rate from your existing provider, it does not pay to be loyal. With 17% of accounts paying 5.25% of above, switching providers could mean a much healthier return on your savings. Why should you allow providers to boost their profits by letting them to pay you measly returns on your savings?”
Finance Advice:
If you're having difficulty with your savings, you may need debt advice. Always talk to a professional debt advisor before deciding on the best debt solution for you.
Savings News posted on 15/10/2007 11:34:18
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