Consumers 'not checking best savings rates'

Many consumers are failing to search for the best savings rates despite the recession, a new study has indicated.

Research conducted by Chelsea Building Society indicates that checking rates and managing money come only seventh in a list of key daily tasks.

Ahead of these financial responsibilities, remembering bills, food shopping, remembering birthdays, doing the laundry, cleaning and making social arrangements are prioritised.

According to Chelsea, 81 per cent of consumers with less than £5,000 in the bank do not look for the best interest rates on savings - a worrying finding especially during difficult times.

Even among those with £50,000 or more in the bank – who perhaps stand to benefit most from high yielding accounts – 38 per cent said checking rates was not an important daily task for them.

Alluding to the benefits of price comparison sites, Chelsea Building Society savings product manager Jenny Hudd commented: "More than ever customers want their savings to deliver what they need; today's lifestyles mean that people are hard pressed to monitor rates and manage their finances on a day to day basis."

Earlier this week, Geoffrey Wood, professor of economics at the Cass Business School, reassured savers that negative interest rates are highly unlikely to be seen in the UK.

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2009-10-08 14:29:59 © Moneyextra.com