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Brits in the dark about savings rates

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A third of UK savers do not know the rate of interest they are receiving on their bank and building society accounts, according to Investec Private Bank.

Its research also revealed that 41% of UK adults are still saving on a regular basis, but the average amount deposited has fallen by 18% to £233 over the past six months.

Furthermore, men are likely to save on average £70 more per month than women, who put aside approximately £199 every month. Londoners and people aged between 55 and 64 years save the most, putting aside £303 and £277 per month, respectively.

Linda McBain, head of banking at Investec, said: “Our research shows that the proportion of people saving on a regular basis has remained unchanged over the past six months. However, it appears that people are saving less each month as they tighten their belts. This coupled with the fact that 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.

“There are a number of good accounts for savers to choose from, but it is important that they look at the promises behind the headline rate. Some accounts make short-term rate promises while others are based on bonuses.”

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