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Savers unaware of rates

Around 20 million savers have no idea how much they are earning on their savings.

According to research commissioned by Halifax, only 40 per cent checked their account last year and older savers were more likely to check their rates of return than younger savers. A third of those questioned said they would take part in a savings review if banks or building societies set them up.

It says a saver with £5,000 in a low interest account could get an extra £200 a year if they moved the sum to a different account.

The research, carried out by NOP, questioned 1,001 adults in April. It comes as the bank launches its latest TV ad campaign featuring staff members.

Head of savings Nigel Payne says: “Around 20 million savers are missing out on millions of pounds. Unfor-tunately, most savings providers do not help their customers review their savings but, for the sake of a few minutes, these people could literally earn themselves hundreds of pounds more. It is a simple as walking into your bank and asking, &#39Can you make my savings earn more?&#39”


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