Over one in three people (36%) are keeping their savings with an account provided by their main current account provider, new research by Spring has shown.
The group’s findings also indicated that a fifth of respondents (21%) were keeping their savings in their current account itself.
According to recent data from CACI, over half a trillion pounds is currently sat in UK current accounts and low-interest savings accounts, earning little to no return. Spring analysis has shown that £316bn is contained in adult current accounts earning zero interest, including 11.4 million accounts containing £5,000 or more at month end.
Spring said its latest survey of 2,000 adults showed that a significant proportion of UK savers are “failing to maximise their returns”, with many keeping their money in low-interest accounts due to a combination of habit, fear and confusion.
When asked why they hadn’t moved their money, 31% of respondents said it was simply down to habit, which was followed by 26% who expressed anxiety about losing immediate access to their funds. A quarter (25%) of respondents said that they didn’t believe they would benefit from moving their savings elsewhere, while 17% weren’t sure what else they would do with their money.
Head of money at Spring, Derek Sprawling, commented: “It’s clear that many people are stuck in a savings rut – not because they don’t care, but because they’re overwhelmed by choice, worried about access or simply unsure where to start.
“We believe moving your savings shouldn’t be stressful. That’s why we’ve built a savings experience that’s simple, transparent and designed to help people make their money work harder without the hassle.”
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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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