UK savers 'apathetic' says saga

26 September 2005
New research from Saga Secure Savings has revealed that 17 per cent of people in the UK do not have a savings account and lose money by not changing their account provider.

Under-50s were found to be the most apathetic group with half of them only checking the rate on their savings account once a year or, in some cases, not at all.

Despite the reluctance of savers to switch accounts for a better rate or to check their rate regularly, almost three-quarters of savers polled said that a high interest savings rate was important.

Chief Executive of Saga, Andrew Goodsell, said: "The research shows that UK savers have all the right instincts when it comes to finding a good home for their money.

"However, the theory isn't necessarily working out in practice as people are not regularly checking interest rates, meaning that they could be missing out on the most competitive rates.

"Switching accounts is an increasingly easy process, and we would urge all savers to check their savings rate to make sure they are making the best of their money."

The survey found that people over 50 were more aware of how their savings account could benefit them and checked interest rates regularly to ensure they were getting the best deal.

Over 35 per cent of the over-50s group were aware of what their savings were earning for them, and almost 40 per cent check out 'best buy' tables to look for the best deals on savings account.

While 30 per cent of under-50s still tended to get their financial information from friends and family.

However, private bank Investec warned last week that savings accounts that make it into best buy tables rarely stay there for long because the deals they offer aren't so attractive when the introductory bonuses are stripped out.

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