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Less than 20% can name saving rate
25 February 2008
Less than one in five people with savings accounts can name the exact rate of interest they are collecting on their savings account, according to a recent survey.
The poll by Investec Private Bank also revealed that the amount of money Brits are saving has fallen by 18 per cent over the last six months.
In July 2007, Brits were putting aside on average £284 a month, though that figure is now down to £233.
"Our research shows the proportion of people saving on a regular basis has remained unchanged over the past six months. However, it appears people are saving less each month as they tighten their belts," said Linda McBain, head of banking at Investec Private Bank.
"This coupled with the fact a third of savers are unaware of the interest rate they are getting from their bank or building society should be a great cause for concern."
A more long term view, reveals that savings have doubled since 2000, reaching £426 billion, according to Alliance & Leicester.
