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PPI charges: Brits 'not checking their savings rates'

A large proportion of Brits check their savings rates once a year or less, which may come of interest to consumers who have experienced PPI charges.

Recent research by showed that 40 per cent of Brits check their savings rates once a year or less, while nine per cent admit to never checking their savings rates.

Kevin Mountford, head of banking at the price comparison website, said: "Keeping an eye on how much interest savings are generating is extremely important.

"The UK public are being hit by high inflation and a record low base rate, so ensuring they are doing everything to limit the effects of the squeeze on their savings pots is crucial, and bonus rates are a perfect way to do this."

He added that being proactive and regularly checking rates will be beneficial in the long term.

According to the findings, not checking rates could lead consumers to miss out on more than £100 per year in interest.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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