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Scots lose out on GBP187 million in interest a year

A Scottish bank claims that people are missing out on millions each year in interest by leaving money in current accounts or at home, rather than moving it to a higher interest savings account.

Clydesdale Bank said that in a poll of 1,000 Scots, 29% admitted that they wanted to save but did not get round to transferring money between accounts. However, the bank has calculated that two thirds of the population have an average of GBP316 left over at the end of the month.

Clydesdale said that if everyone who left money in their accounts moved it to a savings account with an interest rate of 4.25%, the total interest accrued would amount to GBP187 million a year.

Steve Reid, retail banking manager, said: People appear concerned they can’t afford to save because of other financial commitments such as mortgage or student loan repayments and paying into a pension.

However, these same people are also leaving money sitting idle in their current account each month. As a result they’re effectively missing out on ‘free’ money in the form of interest by not putting their hard earned spare cash into a savings account.