High interest savings rates 'not checked'
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New research by Saga Personal Finance has found that the majority of people in the UK are not aware what interest they receive on their savings account.
According to Saga, 61 per cent of those with a savings account in the UK do not know what the return on the product is and 24 per cent do not look at the interest rate after opening it.
On average, Brits keep their accounts with the same provider for 9.1 years, the research showed, meaning that they could be missing out on some high interest savings rates if the base rate moves upwards.
Despite consumer apathy and a reluctance to switch providers, the report also revealed that 89 per cent of respondents believe a high interest savings rate is important and 59 per cent think they are currently getting a bad deal.
Andrew Goodsell, executive chairman for the Saga Group, said: "Having a competitive rate of interest on your savings is a simple yet important aspect of anyone's financial arrangements but few people act on this.
"If you're not going to regularly check your savings rate then fixing a great rate now is a practical way of making sure you know what your savings are earning," he added.
Another firm recently claimed that consumers who are loyal to a particular provider when it comes to savings accounts are not reaping any benefits.
Defaqto said that those on a variable rate savings account would do better to shop around and change the company they go with on a regular basis as they are likely to get a better return if they do so.
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