So some more research just out tells us that we’re losing billions of pounds each and every year because we keep money in low interest accounts. That’s not news. It has been like this for years. Even when interest rates are high we still don’t move our money around the way we should to take advantage of the best rates out there.
And while the interest rates that some banks pay to savers is verging on the criminal, especially considering the rates some of them are still charging borrowers, they do it because they know they can get away with it.
And they get away with it because we can’t be arsed doing anything about it. It’s called apathy and the banks love it. It means that they know we’ll leave our money in accounts paying shockingly low rates of interest because we can’t be bothered taking the time to move it. There’s more chance of us changing our partner than our bank account. Ask any of your friends who went to college or university if they still have a bank account with the bank, and perhaps even the branch of the bank, that was based on campus. You’ll be shocked at the results.
So do something to change it. Look at the interest rate that you are getting on any money that you have on deposit then go on to a comparison website and see what else is out there. Then move your money.
If enough of us move enough money out of accounts that are not paying any interest then the banks will be forced to do something about it.
And you’ll make some extra money into the bargain! You can’t lose.