Umbrella contractor finance: Savers 'not helping themselves'
Posted on 29 July 2010
Published by Steven Proud
There is a massive amount of apathy among some savers when it comes to getting the best interest rates, it has been claimed.
Research from moneysupermarket.com has revealed that UK savers could be missing out on £9.4 billion a year by failing to check the interest rate paid on their savings account and switching to a better deal.
Martin Bamford, chartered financial planner and managing director at Informed Choice, said that even at present, there is a considerable gap between the best and worst available options.
"Banks profit from inertia, so savers can usually benefit from shopping around to get the most competitive rate," he stated.
"This needs to be a regular exercise completed at least annually."
The Bank of England has kept interest rates on hold at the historic low of 0.5 per cent since March 2009 – good news for homeowners with a tracker mortgage, but less positive for those seeking an income from their cash reserves.
Categories: Finance for Contractors
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