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Cahoot tells top-earning Brits to look at savings rates

20 June 2007
Britain's wealthiest people could be missing out on massive savings, online bank cahoot has shown, with a £4.8 billion difference between the interest on their savings if putting their money in the best and worst-earning accounts.

Anyone with a bank balance above £500,000 could stand to gain up to £25,000 annually in extra interest by using the Sainsbury's Internet Saver account or Derbyshire BS limited edition tracker with interest rates of six per cent, or cahoot's own 6.15 per cent saver, the bank said.

Bank of Scotland's Saver Reward and the Halifax Saver Reward account were singled out for criticism for interest rates of 1.41 per cent by the bank.

As many as 800,000 people in the UK have £500,000 or more in liquid assets, cahoot found.

Meanwhile, although the figures are themselves smaller, the gap between savings on best and worst value accounts is still marked for less financially well-endowed customers.

"The wealthy need to watch for the best savings rates as much as anyone else," stressed Reza Attar-Zadeh, head of savings at cahoot.

Last month, the Sunday Times Rich List revealed that the wealth of Britain's richest people grew by 260 per cent over the last year.

Find out more about a cahoot savings account

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