Over a third of people (34%) say they never compare the interest rate on their savings account to others available, according to an Opinium survey for UK Savings Week last year.
Yet the interest rates on savings accounts have changed significantly as the Bank of England has raised its official Bank Rate.
So savers could be missing out on a significant amount of interest.
When did you last check the rates on your savings?
The financial services regulator, the FCA, is now encouraging savers to check their savings and to shop around to see if they could get more from their money.
It can take just 5 minutes to check how your interest rate compares to others available. That’s time well spent. To see what a rate change would mean for you, visit the FCA’s savings calculator here.
And services such as Moneysavingsexpert, Moneyfacts Compare and Which? provide the top paying accounts that you might want to consider.
It’s good to have some savings you can access quickly if you need them, but depending on your savings goals, you might want to think whether you can put some of your savings into fixed rate or notice accounts, as these accounts tend to offer higher rates.
See more in our Making the most of your savings section.
What’s the (%age) point?
Putting aside a little time to check on your savings means that they can be earning more interest while you get on with other things. And over time, that interest grows, so that you get to achieve your savings goal sooner.
So a regular check-in with your savings can really pay off over time.
