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Do you keep track of your old savings accounts?

As UK base rates remain at the 0.5% level, with an upward movement seemingly some way off, we are starting to see some interest in the savings market and new accounts being released to the consumer. However, while many of these new accounts may offer fairly attractive interest rates, bearing in mind the current level of base rates, there are literally hundreds of thousands if not millions of people in the UK holding their deposits in old savings accounts at minimum interest rates.

It is vital, as with any financial arrangement, that you continually review and assess your financial situation, take into account interest rates for loans, credit cards, mortgages and savings and making amendments on an ongoing basis where required. Sitting back and expecting your bank to move your savings into their highest earning savings account is a "fool's paradise" as retaining your funds in a low-interest account is "money for nothing" for many UK banks.

The days of the friendly bank manager telephoning you and asking if he wanted to move to their new savings account have long gone and today's banks are more about numbers and profits than customer relations. At the end of the day it is up to you to look after your own investments, in tandem with a professional adviser where applicable.

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