Nearly Half Of All Savers Not Sure What Their Savings Rate Is
Nearly Half Of All Savers Not Sure What Their Savings Rate Is.
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According to a new report by Sainsbury's Bank, almost 49 per cent of savers are unaware of what the interest rate on their account is.
The research also highlighted that a further 10% per cent know what money their savings are earning on just some of their different accounts.
The report claims that this means savers do not know the interest rates on up to £112 billion of savings. Previous research by the bank revealed that more than a third of savings accounts pay less than three per cent in interest.
Peter Wood, head of savings at Sainsbury's Bank, says: "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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