Savers in the UK have been advised that they could be missing out on interest by not regularly checking their
bank account details.
According to a study carried out by moneysupermarket.com, some 36 per cent of customers have never checked their interest rate during the average seven-year period they have held a
savings account.
Furthermore, around 57 per cent said they had never switched their account to get a better deal, meaning they are potentially losing out on a substantial amount of interest.
At current rates, a saver with £10,000 in the bank could accrue interest of up to £245 per year, totaling £1,715 over the seven years.
Kevin Mountford, head of banking at moneysupermarket.com said, an increasing number of savers are failing to monitor interest rates, noting that customers who opened an account more than ten years ago are likely getting a "raw deal" on their savings.
"Generally speaking, if you opened a
savings account over 12 months ago, you will probably find the account will now be paying a much lower rate that you signed up for," he said.
