Best savings rates escape current account holders

UK workers are missing out on the best savings interest rates, according to analysis by First Direct.

Research into current accounts with pre-pay day positive balances has revealed that UK workers could be missing out on a savings pot of 47.6 billion by failing to transfer their money into savings accounts.

Analysis of the bank's current account holders indicated around two thirds of its customers had an average positive balance of £2,590 on the day before pay day.

Richard Brown, senior saving product manager at First Direct, said that it is incredible that there is £47.6 billion that is potentially not working hard as hard as it could be for the nation's workforce.

He added: "By simply transferring the excess cash into your savings account at the end of each month, you could accrue a substantial sum in a savings pot."

First Direct calculates that an average customer will be £78 a year better off with a fixed-rate savings account, which has a fixed savings interest rate for a year.

Nationwide, Natwest and Norwich and Peterborough have all recently released online savings accounts offering customers easy access to their accounts.
 

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2010-10-01 12:36:52 © Moneyextra.com