Savers urged to switch from poor-paying accounts
UKPulse Money Desk
Britons may be losing out on significant interest by keeping savings in accounts with low rates, while financial institutions benefit.
- Savers could be missing out on hundreds of pounds in extra interest annually.
- Banks and building societies may be profiting from outdated, poor-paying savings accounts.
Savers in the UK are being encouraged to move their money from accounts offering poor interest rates. It is suggested that individuals could be missing out on hundreds of pounds in extra interest each year by leaving their savings in outdated accounts.
This situation reportedly allows banks and building societies to retain profits that could otherwise go to savers.
What this means for you: You could potentially gain hundreds of pounds in extra interest by switching your savings from accounts with poor rates.