Almost half of Britons only have access to one savings account, according to recent research conducted by First Direct.
The survey found that 47.7 per cent of people only have one savings account and a similar number know exactly how much is in it. Furthermore, 36.9 per cent of those saving don’t know what rate of interest they are being paid and 34 per cent never check their balance.
Bruno Genovese, head of savings at First Direct, explained that people need to pay closer attention to their savings accounts. He remarked: “In the current environment it's worrying to see what little attention people are paying to their savings.
“It's important for people to review their savings regularly. Only then can they ensure they have the best account for their needs and have made the most of their tax free allowance.”
The survey comes as First Direct are offering up an online Cash e-ISA, which is fixed at 2.75 per cent AER until 31 August next year. As an additional benefit, the account allows people to make unlimited withdrawals from their yearly Cash ISA allowance without losing out on interest.
