Billions Languishing In Low Interest Accounts
Research from Sainsbury’s Bank suggests that UK bank account holders have over £13bn of surplus cash sitting in current accounts paying a paltry 0.1% in interest.
The survey estimates that 19 million people have surplus money at the end of the month, with over 4.5m regularly having over £500 spare.
With many savings accounts offering over 50 times better interest rates than most current accounts, not least Sainsbury’s own savings account paying 6%, it seems that UK bank customers are leaving substantial sums of money on the table…