How Much Do You Have In Forgotten Savings Accounts?
Published: 25 January 2011 By MoneyHighStreet Staff Leave a Comment
With so many struggling with their finances at the moment and trying to save money it is rather surprising to find that Brits have huge sums of money in forgotten savings accounts.
According to researh by Clydesdale and Yorkshire Banks, some 10 million Brits admit they have forgotten about savings accounts, only to stumble across an average of £600 in old accounts at a later date.
Around 20% of people have discovered cash in old ISAs, children’s savings accounts, bonds and dusty money boxes worth a staggering £6.1bn in total.
If you live in Chelmsford you could be one of those who discover the most in lost savings, an amazing £1,622.86 each found by those in the research.
The old saying of ‘keep your cash under the bed or mattress’ holds true for 10% of people.
Brits are saving an average of just over £1,300 per year but the concern is that many people are not taking advantage of getting interest on their money, albeit recognising that with the base rate currently so low the saving rates are equally low.
As Steve Reid, director of retail banking at Clydesdale and Yorkshire Banks comments “A third are keeping savings in their current account, missing out on interest rates so we would always encourage people to look at ways to make their money work harder in a savings account to suit their needs.”
Clydesdale and Yorkshire Banks are currently offering up to 4.25% AER on their Term Deposit accounts and 3% tax free AER on Cash ISA Fixed Rate Bond. You can get more on these savings accounts on their websites.
MoneyHighStreet.com comment: To save money is a key objective for most. It comes in many forms, from saving on day to day living costs, reducing such as debt payments or placing money into investments, including savings accounts and alternative investments, such as wine, art or other collectables. Taking control of your personal finance matters is critical, ensuring you make your money work best for you. Certainly losing track of savings, as it seems many of us do, is not optimal!
