Which? report concludes savers losing billions in interest

| October 26, 2010 | 0 Comments

Savers are missing out on billions of pounds in interest payments, according to a report by consumer group, Which?

According to the report, by leaving money in low interest accounts, savers are missing out on a possible £12 billion.

According to the consumer association, interest rates are not made clear to consumers on their bank statements, while banks are neglecting to tell their customers about better rates they have available.

Which? chief executive Peter Vicary-Smith believes many consumers could switch to a better deal.

However, the British Bankers’ Association (BBA) defended the report and said banks “have no interest in keeping customers in the dark.”

The BBA added that information about other accounts is available in branches, online and in best buy tables.

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