Latest news

Savers missing out on better returns

One in three savers have never checked the interest rates they are earning on their savings, according to research by Moneysupermarket.com. So they`re not earning money - and protecting themselves against future debt problems - as effectively as they could.

Per year, failing to look for better rates is costing savers £245 in interest on average, or a combined £9.4bn, the price comparison website adds.

And 57% of savers have never switched their savings account, meaning they may not have been earning as much interest as they otherwise could over the years.

Kevin Mountford, head of banking at Moneysupermarket.com said: "We have seen a year-on-year increase of people not checking their savings rate, with over a third failing to ever check their current deal. Our findings also show a third of savers opened their account over ten years ago, but when it comes to savings, loyalty does not pay, and these customers are most likely getting a raw deal on their savings."

An expert at the IVA Advisory Centre commented: "A major advantage of having savings is protection against unexpected costs that could otherwise lead to problems with debt. With that in mind, it makes a lot of sense for savers to keep looking around for better rates that could maximise this protection."