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Expert blames customer 'inertia' for lack of savings switching

ADDIDI Wealth said today that "inertia" prevents many people from making the best out of their savings.According to the firm's director, Anna Sofat, many Britons are not earning as much as they could by neglecting to switch savings accounts.The comments come in the context of the ongoing "savings war" between financial firms, which has seen rates for new customers on the increase as credit crunch-hit banks attempt to repair their balance sheets.This means that several firms now offer AERs of over seven per cent, compared with the Bank of England's base interest rate of five per cent.Ms Sofat said: "I worked for a building society for many years, and you have lots of inertia - it doesn't matter how much information there is on the web, and there is a lot there, not everybody has the inclination to look and see what is best for them, and do something about it. "[People] just don't have time; they are so busy making money they don't necessarily have time to pay attention to their own affairs… [although] the government's campaign to get advice sorted means there is a lot more awareness [now] for good money management."

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