Sainsbury's Bank: Don't miss out on high-interest savings accounts

Money News

www.moneynews.co.uk > Banking > Sainsbury's Bank: Don't miss out on high-interest savings accounts

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Sainsbury's Bank: Don't miss out on high-interest savings accounts

Less-than-prudent Britons are missing out on earning millions of pounds in interest as a result of not getting round to investing their money wisely enough.

Research carried out by Sainsbury's Bank indicates that up to 19 million people in the UK have surplus funds which are not being directed towards high interest-paying accounts.

Some £13.6 billion is estimated to be generating only minimal returns, a figure which means Britons are losing out on an estimated £801 million each year.

Sainsbury's Bank claims that the vast majority of the four main retail banks only offer limited interest on their packages.

The group estimates that a person with a £1,500 surplus in an account could earn an extra £88.50 a year if they moved the funds across to an account paying six per cent.

Peter Wood, head of savings at Sainsbury's Bank, said: "Obviously, it is sensible to keep a surplus amount in your current account to ensure you don't go overdrawn but many people have significant sums that they are not drawing upon."

He added: "This money could be transferred to a high interest, easy access savings account or high paying current account that could earn them considerably more interest."

Related News : Banking

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Sainsbury

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet