Wealthy individuals 'missing out' on competitive interest rates

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Wealthy individuals 'missing out' on competitive interest rates

High net worth individuals could be collectively losing out on billions of pounds of interest by failing to invest in the most competitive accounts.

Research carried out by Cahoot indicates that the difference between the best and worst savings rates is equal to some £4.8 billion in interest annually.

For balances over £500,000, Cahoot accounts provide some of the best interest rates on the market.

Other favourable accounts include packages from Sainsbury's Bank and Birmingham Midshires.

Reza Attar-Zadeh, head of savings at Cahoot, said: "There has been a significant increase in liquid cash assets as UK wealth increases and people realise the value of appreciating properties."

He added: "The wealthy need to watch for the best savings rates as much as anyone else - the difference between the best and worst savings rate for someone with £500,000 equates to £25,200 interest a year."

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Related News : Cahoot

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