May 31 2007
British consumers could be making millions of pounds in collective interest if they moved the money they put aside at home into a more productive savings environment, according to a new report.
Figures from Virgin Money show that there is as much as £3.5 billion being kept in so-called "biscuit tin" banks around the country, that could instead be accumulating interest and helping to secure thousands of financial futures.
The financial services firm claims that if all this money was put away in savings accounts it could generate close to £200 million in interest over the course of the next five years.
"If your biscuit tin is full of cash, it's time you bought some custard creams and put the rest of the money somewhere it can grow," said John Franklin from Virgin Money.
One way in which British consumers can do more with their money and help to secure the financial future of their sons or daughters is to contribute to child savings accounts, now widely available throughout the UK.
