Nov 6 2007
Recent research carried out by Sainsbury's Bank suggests that millions of UK consumers are unaware of how much interest they are being paid on their savings.
Many people invest in a savings account to provide for their children's financial future, but as many as 19 million Britons are not aware of the interest rate they receive on their savings.
Among the millions of British consumers who have a savings account in their name, only 41 per cent can accurately specify the level of return their cash is generating, according to the latest figures from Sainsbury's Bank.
Peter Wood, head of savings at Sainsbury's, said: "There is a real and worrying level of apathy amongst savers when it comes to checking that their money is earning a good rate of return.
"Savers should be looking to take advantage of some of the great rates available - there are at least 71 instant access and notice accounts all offering rates of at six per cent or more."
More money than ever before was invested into individual savings accounts during the most recent tax year, according to official data released by HM Revenues & Customs.
