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Bank charges: Savers missing out on £12bn in interest

UK savers are missing out on around £12 billion by failing to move to a high-interest account, according to new research.

Consumer magazine Which? has found that around half of the 1,200 savings accounts available in Britain paid interest of 0.5 per cent or less.

The firm claims that if all savers switched to the best deals with high rates they could earn an extra £12 billion a year in interest.

Peter Vicary-Smith, Which? chief executive, claimed providers often fail to clearly outline the interest rates on account statements.

He said: "Banks are depriving British savers of £12 billion a year by keeping us in the dark about the pitiful interest paid on hundreds of savings accounts.

"Whilst we pressure the banks to be more upfront about their rates, people can take action and potentially add hundreds of pounds a year to their savings by moving their money to a better account."

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800159072-ADNFCR



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