More than two-thirds of Tessa savers hav
e no plans to do anything with their savings despite impending deadlines for transferring matured accounts, according to Alliance & Leicester.
A survey conducted by the bank reveals that Tessa savers are set to lose out on more than £2m a week in interest because they fail to put their funds into a more effective form of savings.
Sixty-nine per cent of Tessa savers surveyed say they intend to leave their savings untouched, with only 14 per cent intending to move to a different form of account or investment.
This apathy among savers could provide independent financial advisers with an excellent business opportunity as savers look for guidance over where to invest their matured funds as they have six months to transfer funds after their Tessa matures before they are converted to a low-interest account.
Alliance & Leicester has launched a Tessa public awareness campaign which aims to demonstrate how custom ers can make the most out of their funds.
The bank is providing customers with a free factsheet outlining all the options open to them and it is also setting up a Tessa help line for existing A&L customers.
Head of savings Peter Rogerson says: “The message is simple. Savers must act promptly before it is too late and make their savings work harder.”