Jun 5 2008
Anyone saving for children or for their own financial future has been urged to avoid low-paying accounts.
The suggestion comes from the Post Office after its own research established that millions of people around the country are unaware of how much interest they are receiving on their savings assets.
In fact, the latest figures have shown that British savers are missing out on close to £8 billion annually by failing to put their cash in the most competitive product on the market.
Furthermore, almost two-thirds of all the savings vehicles available to consumers around the country pay out less than three per cent interest.
"It's time savers started to take care of their savings by choosing a home for them wisely - especially in the current economic downturn," said Richard Norman, director of savings at the Post Office.
"There are hundreds of poor paying accounts, so people need to avoid them."
Earlier this week, the Building Societies Association revealed that its members have seen record levels of investment into their cash-based individual savings accounts in recent weeks.
