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Brits have GBP6.1 billion stored in forgotten savings accounts

Wed, 26 Jan 2011

Around the county, millions of Brits have over £6 billion put away in forgotten savings accounts, according to recent research.

In a study carried out by Clydesdale and Yorkshire Bank, an estimated ten million people in the UK revealed they have forgotten about a savings account and found an average of £600 stored at a later date. Of the 3,000 people surveyed, over 21 per cent stumbled across funds in old bonds, ISAs, children's savings accounts and money boxes.

In addition, some 18 per cent of adults admitted to finding alternative places to store their cash such as in a kitchen drawer as opposed to using a savings product.

Steve Reid, director of retail banking at the financier, said: "We would always encourage people to look at ways to make their money work harder in a savings account to suit their needs." This follows comments made by Jason Riddle, co-founder of Save Our Savers, who stated that financial institutions should be more open with consumers with regard to savings interest rates .
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