PPI Claim News - 27/7/2010

PPI reclaim: Savers missing out on £9.4bn

Savers are missing out on £9.4 billion worth of interest every year by failing to shop around for the best deal, according to new research.

Comparison website moneysupermarket.com has revealed that 57 per cent of savers have never switched their accounts despite holding them for an average of seven years.

Consumers with £10,000 worth of savings are potentially missing out on £245 a year as introductory rate deals run out and are replaced by lower rates. If every UK saver switched to the best deal, investors would earn a combined £9.4 billion worth of annual interest.

Kevin Mountford, head of banking at the website, said: "Whatever product you opt for, our research highlights precisely why it is so important that savers be proactive in checking their rates, as they are likely to be missing out on a large amount of interest.

"Remaining apathetic at this time plays into the hand of the banks and will cost consumers dearly in the long run."

Mr Mountford advised consumers to check their current rate with their provider and switch to the best possible deal to avoid further loss of income.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt 

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