Sainsbury's: £165 billion in savings accounts that penalise withdrawals

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www.moneynews.co.uk > General finance > Sainsbury's: £165 billion in savings accounts that penalise withdrawals

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Sainsbury's: £165 billion in savings accounts that penalise withdrawals

Britons are keeping £165 billion in savings accounts which punish them for making withdrawals, research from Sainsbury's has found.

According to the study, 13.26 million people claim to have money in accounts which impose penalties for claiming access.

Furthermore, 5.86 million say they have money in such accounts but do not know the balances.

On some of the best-buy instant or easy access savings accounts, making a withdrawal means losing a month's worth of interest, the research found.

And 17 million people say that have made withdrawals worth £46 billion or more from such accounts over the last 12 months.

Helen Cook of Sainsbury's Finance said that it might be worth moving savings to accounts without penalty if savers think they may need to access their money in the current economic climate.

Last week, Sainsbury's discovered that the cost of running a car has risen by 13.55 per cent to £2,543.85 a year.

Fuel costs were found to be the main cause, although car servicing and tax have also increased.

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