January 28th, 2008
Savers Unaware Of Interest Rates
Britons could be putting themselves under unnecessary financial strain, new statistics have suggested.
According to a study conducted by Sainsbury’s Bank, about half of those with savings accounts (49 per cent or 19 million consumers) are unaware of what rate of interest they are receiving on their investments. In addition, ten per cent of savers only claim to know the rates that some of their accounts provide. Meanwhile only 41 per cent of those with such accounts are stated to be aware of how much interest they are receiving. As a result, Sainsbury’s Bank suggested that up to 112 billion pounds could be lying in accounts in which savers do not know the rate of interest being paid, a figure which could well help them make payments on loans, utility bills and other demands on their spending.