Banking group urges customers with £10,000 in savings to move their money NOW
In the UK 8.3 million current accounts hold £10,000 or more but 80 per cent of these accounts pay no interest - meaning their money sits passively.
However, Spring, a savings app, has encouraged those looking to earn money through interest to move it into a savings account instead.
The company warned millions of people in the UK are 'current account coasters' - leaving their money in a main account after paying for essentials, rather than placing it in savings.
Derek Sprawling, Spring's Managing Director of Savings, told The Express: 'Cumulatively, nearly £400 billion is held in current account balances in the UK.
'You would imagine that these would mainly consist of small balances, but our analysis shows that there are a significant number of accounts that contain sizeable funds, accounting for over half of the overall balance.
'Most people sensibly maintain a small current account balance to cover emergency costs and everyday expenses, but leaving thousands of pounds in your current account means you will be missing out on hundreds of pounds in interest each year.
'With nearly eight million current accounts containing significant balances, that money could work harder in a higher-paying savings account.'
File image: In the UK 8.3 million current accounts hold £10,000 or more but 80 per cent of these accounts pay no interest - meaning their money sits passively
He explained that many people are wary about using savings accounts because they can loose immediate access to their money.
But there are alternatives, which connect savings and current accounts together.
These allow money to be transferred between accounts immediately.
As well as unlimited withdrawals.
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The Independent
8 minutes ago
- The Independent
‘He's a great negotiator and diplomat': Starmer praised as UK outshines EU in Trump trade talks
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But whatever the "final outcome", the misery of this GileadUS administration will continue to affect the lives of billions of people! LeeisBlue I ignore all the Faragist, Corbynite vitriol Starmer really has done well in his dealings not only with Trump but also the EU and his Gaza stance. Additionally, his policies are really changing and improving our lives – e.g. the NHS is performing much better (my wife has benefitted from this). Frankly, I ignore all the Faragist, Corbynite vitriolic attacks on Starmer and co and research for myself what's ACTUALLY happening. All this Reform/Farage/Corbyn propaganda is a distraction, largely irrelevant. voxtrot UK sacrificed bioethanol sector The UK's largest trade partner, by far, in goods is the EU. Don't think EU's higher tariffs from the USA have no effect on the UK. The UK also sacrificed the bioethanol sector, and allowed US beef into the UK, to the detriment of home agriculture, to get those reduced tariffs. 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Compared to 14 years of Tory corruption and chaos, they are paragons of efficiency. Inkling
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8 minutes ago
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Reuters
8 minutes ago
- Reuters
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