Savers with cash ‘languishing’ in high street banks losing hundreds a year

Those with money deposited at high street banks have been warned they are 'losing out' on better interest offerings elsewhereSavers who have left their money “languishing” in accounts with big high street banks have been warned that they are “losing out” and could be earning significantly more elsewhere.could be making close to £400 per year more if they moved it to a top-paying account, analysis from Savings Champion shows.

Separate research from analysis firm, Moneyfacts, found that over 80 per cent of the market currently pay two per cent or higher on a £10,000 balance, despite all big banks paying less than this. “But savers who leave their cash languishing in high street accounts paying little or no interest are losing out as they could be earning significantly more.”

Last May, Harriett Baldwin MP, then chair of the Treasury Committee, said that the UK’s biggest banks were “continuing to squeeze record profits from their loyal savers”.This is because the Bank of England interest rate is currently at a 16-year high of 5.25 per cent but is expected to start falling later this year.

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