Savers should take an interest, says Sainsbury's
Nearly 19 million savers have no idea what their rate of interest is, and a whopping £112 billion is held in savings accounts where holders do not know the rate, says Sainsbury's Bank.With some savings accounts now coming with the highest rates of interest the market has seen in the last six years, Sainsbury's is warning savers that they cannot afford to be complacent about interest.Whether people have small or large savings did not seem to influence whether they paid attention to their rate, Sainsbury's found, with 9.24 million people with up to £2,000 having no idea what rate their savings account pays, but 429,000 people with over £60,000 in savings accounts also none the wiser. Peter Wood, Head of Savings at Sainsbury's, commented: "There is a real and worrying level of apathy amongst savers when it comes to checking that their money is earning a good rate of return. "Savers should be looking to take advantage of some of the great rates available - there are at least 71 instant access and notice accounts all offering rates of at six per cent or more."
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