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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Tuesday 6th May 2008
Millions of Britons are failing to capitalise on the chance to maximise their savings by choosing current accounts which do not offer them market-leading rates, it has been claimed.
Price comparison site moneysupermarket.com asked a sample of over 4,000 consumers to identify the current accounts with the best rates of interest.
It was found that 73 per cent failed to name Alliance & Leicester, Abbey or Halifax the best buy accounts.
This is despite heavy advertising for the products, which offer rates of 8.5 per cent, eight per cent and 6.17 per cent respectively.
Were these consumers to switch to these providers they could be earning up to £210 more per year on their savings, according to Kevin Mountford, head of savings at the site.
He added: "It's a shame consumers seem hesitant to change current accounts as most providers make the process as easy as possible.
"If you could buy the same TV for £210 less somewhere else, you wouldn't think twice, however when it comes to current accounts, it seems consumers are happy to miss out."
Moneysupermarket.com based its calculation for the savings available based on the average sum of £2,500 held by Britons in savings accounts.
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