Latest news with #DerekSprawling
Daily Mail
a day ago
- Business
- Daily Mail
Banking group urges customers with £10,000 in savings to move their money NOW
Customers with £10,000 in savings are being urged to move their money or risk missing out on earning hundreds of pounds a year. 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.
Daily Mirror
2 days ago
- Business
- Daily Mirror
Warning issued to anyone with £10,000 in their savings account
New research has found that millions of Brits are missing out on hundreds of pounds in interest by leaving large sums of money sat idle in their current accounts Millions of Brits are losing out on piles of cash annually due to a banking blunder – they're not moving large cash reserves from non-interest paying current accounts. Recent analysis has discovered around 8.3 million UK current accounts with balances over £10,000 are earning zero interest. These dormant accounts collectively hold a whopping £284 billion, a sum that could accrue substantial interest if placed in high-interest savings. The data is brought to light by Spring, the latest savings app incorporating Open Banking tech to sync seamlessly with user's current bank accounts. Spring boasts a 4.30% AER offer, beating typical high street banks' rates. Industry figures used by the app show every eleventh account holds an average of £33,961, and about 1.3 million of these have more than £50,000. Spring is raising the alarm on the 'current account coasters' - those folks who let excess cash sit idly in their accounts instead of transferring to a savvier savings option. Alarmingly, broader industry stats point to 74 million credit-positive current accounts that don't earn a penny in interest, reports the Express. Derek Sprawling, Savings MD at Spring, said: "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." He further stated: "Many people don't move those funds because they don't want to lose access to it but choosing a savings account that connects to a current account so you can transfer money in seconds and offers unlimited withdrawals, could provide a compelling alternative." Spring's app - available on iOS and Android - allows users to apply within minutes and link their accounts for instant access to savings features, including separate pots and easy withdrawals. It requires no bank switch and promises to help people develop better savings habits with minimal effort.
Daily Record
4 days ago
- Business
- Daily Record
Millions of people with cash savings in bank account urged to check it now
Some 8.3 million current accounts contain balances of £10,000 or more with the majority earning zero interest. Over eight million current accounts in the UK contain balances of more than £10,000, the majority of which are generating zero interest, analysis by Spring, the savings app that links directly to current accounts to deliver better returns, has uncovered. Spring's analysis of CACI data shows that 8.3 million current accounts contain £10,000 or above, representing one in 11 current accounts in the UK, with a total of £284 billion sitting in these accounts and an average account balance of £33,961. Of these accounts, 1.3m contained balances of more than £50,000. Of the 8.3 million accounts, 80 per cent - or 6.6m - earn zero interest, meaning that people are missing out on significant levels of interest by not moving their money to a higher-paying savings account. More broadly, further analysis of CACI data shows that 74 million current accounts in credit are earning no interest at all. Spring research showed that over 29m people, or 55 per cent of the adult population, could be classed as 'current account coasters' by leaving money after bills and expenses in their current account. Spring provides a simple solution. Built using Open Banking technology, Spring connects to a customer's existing current account in seconds and offers 4.30 per cent AER. It provides a genuine easy access savings account, enabling seamless transfers between accounts, while allowing customers to withdraw money when they need it. Spring puts users in full control of their savings and offers features such as savings pots, all without the need to switch banks. It serves as a helpful savings companion, building better savings habits and making money work harder. Derek Sprawling, Spring Managing Director of Savings, said: '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.' He added: 'Many people don't move those funds because they don't want to lose access to it but choosing a savings account that connects to a current account so you can transfer money in seconds and offers unlimited withdrawals, could provide a compelling alternative.' Spring is available for download on both iOS and Android via the Apple App Store and in Google Play, and customers can apply for an account via the app in minutes. For more information, visit the website here.
The Independent
01-05-2025
- Business
- The Independent
Many people ‘stuck in financial habits' as experts suggest ways to boost budgets
Many people are stuck in a financial rut which could be holding them back from getting better deals, research suggests. More than half (51%) of people surveyed said they stick with their current financial habits or savings plans, even though there may be more suitable alternatives. But only 38% said they are satisfied with their current habits. When looking at what is behind money inertia, just over a fifth (22%) worry they will regret making a wrong decision, and one in six (15%) feel overwhelmed by the choices available, according to Spring, a new savings app. One in seven (13%) find comparing financial options tricky. The same proportion (13%) find it difficult to understand how switching would help them over the long term, according to the survey carried out by Censuswide among more than 5,000 people across the UK in December 2024 and January 2025. The Spring app was launched by Paragon Bank and uses 'open banking' technology to connect to a customer's existing current account. This enables customers to see their current account and the balance in the Spring app. Derek Sprawling, managing director of savings at Spring, said: 'It is clear that people up and down the country are putting their financial wellness to the bottom of their admin list, even though it is simple to earn significantly better returns.' Here are some tips from Mr Sprawling for building stronger financial habits: 1. Start with a budget. List monthly expenses, including fixed costs such as a mortgage and phone bills, and variable costs such as entertainment. This helps ensure spending and saving habits align with your priorities. 2. Make short and long-term financial goals. Having clear goals keep people motivated and helps to build a plan to achieve them. Creating different savings pots for each goal can help keep savings on track. 3. Review where you keep your money. Check the interest rates on existing savings accounts and see if you could do better elsewhere. Meanwhile, Rachel Springall, a finance expert at suggested that loyalty cards can help free up some extra cash. She added: 'A word of warning though: loyalty points can expire, and it will be up to consumers to keep track of these and exchange them for any rewards or vouchers.' Ms Springall also suggested that 0% balance transfer cards could help reduce the costs of some debts, adding: 'Borrowers could even find a deal that doesn't charge a transfer fee.' People could also take up banks' cash incentives to switch their current account. Mr Springall cautioned: 'As with any current account it's important consumers assess the overall package of any deal before they commit, such as any fees or incentives. However, a free cash boost may be the ultimate sweetener for cash-strapped consumers who want to avoid dipping into their overdraft.' Here are the percentages of people across UK regions and nations who would be likely to stick with their current financial habits even though a better alternative may be available, followed by the percentages of people who are satisfied with their current habits, according to the survey for app Spring: East Midlands, 46%, 37% East of England, 53%, 41% London, 54%, 33% North East, 51%, 33% North West, 50%, 38% Northern Ireland, 54%, 38% Scotland, 51%, 43% South East, 50%, 40% South West, 52%, 42% Wales, 52%, 42% West Midlands, 50%, 35% Yorkshire and the Humber, 47%, 41%
Yahoo
01-05-2025
- Business
- Yahoo
Many people ‘stuck in financial habits' as experts suggest ways to boost budgets
Many people are stuck in a financial rut which could be holding them back from getting better deals, research suggests. More than half (51%) of people surveyed said they stick with their current financial habits or savings plans, even though there may be more suitable alternatives. But only 38% said they are satisfied with their current habits. When looking at what is behind money inertia, just over a fifth (22%) worry they will regret making a wrong decision, and one in six (15%) feel overwhelmed by the choices available, according to Spring, a new savings app. One in seven (13%) find comparing financial options tricky. The same proportion (13%) find it difficult to understand how switching would help them over the long term, according to the survey carried out by Censuswide among more than 5,000 people across the UK in December 2024 and January 2025. The Spring app was launched by Paragon Bank and uses 'open banking' technology to connect to a customer's existing current account. This enables customers to see their current account and the balance in the Spring app. Derek Sprawling, managing director of savings at Spring, said: 'It is clear that people up and down the country are putting their financial wellness to the bottom of their admin list, even though it is simple to earn significantly better returns.' Here are some tips from Mr Sprawling for building stronger financial habits: 1. Start with a budget. List monthly expenses, including fixed costs such as a mortgage and phone bills, and variable costs such as entertainment. This helps ensure spending and saving habits align with your priorities. 2. Make short and long-term financial goals. Having clear goals keep people motivated and helps to build a plan to achieve them. Creating different savings pots for each goal can help keep savings on track. 3. Review where you keep your money. Check the interest rates on existing savings accounts and see if you could do better elsewhere. Meanwhile, Rachel Springall, a finance expert at suggested that loyalty cards can help free up some extra cash. She added: 'A word of warning though: loyalty points can expire, and it will be up to consumers to keep track of these and exchange them for any rewards or vouchers.' Ms Springall also suggested that 0% balance transfer cards could help reduce the costs of some debts, adding: 'Borrowers could even find a deal that doesn't charge a transfer fee.' People could also take up banks' cash incentives to switch their current account. Mr Springall cautioned: 'As with any current account it's important consumers assess the overall package of any deal before they commit, such as any fees or incentives. However, a free cash boost may be the ultimate sweetener for cash-strapped consumers who want to avoid dipping into their overdraft.' Here are the percentages of people across UK regions and nations who would be likely to stick with their current financial habits even though a better alternative may be available, followed by the percentages of people who are satisfied with their current habits, according to the survey for app Spring: East Midlands, 46%, 37% East of England, 53%, 41% London, 54%, 33% North East, 51%, 33% North West, 50%, 38% Northern Ireland, 54%, 38% Scotland, 51%, 43% South East, 50%, 40% South West, 52%, 42% Wales, 52%, 42% West Midlands, 50%, 35% Yorkshire and the Humber, 47%, 41% Sign in to access your portfolio
