- Nearly a quarter of Britons routinely leave money in current accounts at the end of each month, rather than transferring it to savings.
- This practice risks the real value of their cash being eroded by inflation, as most current accounts offer negligible or no interest.
- A survey commissioned by Chase found that one in six of these individuals holds over £5,000 in their everyday accounts, with men being particularly prone.
- Shaun Port from Chase advises that every pound saved should be working as hard as possible, encouraging people to move money into higher-paying interest accounts.
- The news coincides with Nationwide unveiling new ISA products and increased rates on some existing offerings, including a one-year single access Isa at 4.00% AER and a five-year fixed rate at 4.25%.
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