A new research from Sainsbury's Savings has reveled that almost 49% of people with savings accounts, around 19 million people, do not know what rate of interest their money is earning and an additional 10% of savers only know what some of their accounts are paying.
The research has also revealed that only 41% of people with savings accounts claim to know the rate of interest they are receiving. This means that as much as GBP112 billion could be sitting in accounts where the savers do not know the rate of interest being paid.
Peter Wood, head of savings at Sainsbury’s Bank, said: There is a real and worrying level of apathy amongst savers when it comes to checking that their money is earning a good rate of return.
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