Piggy bank savings cost Brits £12million a year
19 February 2010 / by Andy Davies
Brits that do not put their loose change into savings accounts could be missing out on a total of more than £12million in annual interest, comparison website money.co.uk has warned.
Research has revealed that 63 per cent of UK households store on average around £25 each that could otherwise be put into a savings account deal to earn interest.
Commenting, Chris Morling, managing director of money.co.uk said: “It’s amazing how it all adds up. Twenty five pounds is hardly a king’s ransom when you look at each household in isolation but, together, it seems these penny pots contain a staggering amount of money.”
According to money.co.uk, this amounts to as much £385million being stored in piggy banks across the country, which represents a significant increase since 2007 when £100million was being stored in households.
Reacting to this news, Mr Morling suggested that perhaps people are “more careful with their money in tougher times”.
© Fair Investment Company Ltd