Brits oblivious to interest rates

| September 8, 2009 | 0 Comments

Nearly two thirds of UK consumers are oblivious to how much interest their savings are earning, new research found.

Saga Personal Finance discovered 61% of Brits don’t know the interest rate on their savings account. This increased to 68% for savers aged under 50.

Almost a quarter (24%) of those polled said they only check interest rates when they open a savings account.

A similar number (25%), said they check interest rates less frequently than once per year.

According to Saga, “apathy” among savers allows financial providers to be stingy with interest rates. The average consumer keeps their savings account for more than nine years, Saga found.

Despite their reluctance to switch, three in five (59%) savers said they are unhappy with the current interest rate on their account.

“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,” said Andrew Goodsell, Saga chief executive.

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