News
Billions in cash left in current accounts paying no interest
A third of current account customers are not earning any interest on their balance, and a further 30% don’t know how much interest their current account pays, research has revealed.
According to a report from Santander Current Accounts, £130bn is left over every month in the nation’s current accounts just before payday, and nearly half of people who reach payday with money in their account are not receiving any interest on their balance.
This comes as little surprise since eight out of 10 current accounts don’t pay any interest at all, according to data firm CACI.
This means people are potentially missing out on millions of pounds in interest.
Hetal Parmar, head of banking at Santander, said: “Our study shows that millions of people have money in their current account each month that could be earning interest. At a time where every penny counts, it’s important to ensure your cash is working for you.”
