News

26/07/2012 16:18:09

Half of savers don't know what rate they are getting

New figures show that 52 per cent of savers in the UK don't know what rate they are on.

Nationwide also found that 62 per cent of those with savings accounts are not sure they are getting the best possible deal, while 59 per cent don't think they are getting the support they need from their bank.

The survey also revealed what kind of impact the economic climate is having on savings with 47 per cent putting away less now than they were a year ago.

"The current economic environment has proved a challenge for savers and many continue to find it difficult to keep track of the rate they are receiving and to find out if there is a better account for their money," commented Richard Marriott, Nationwide's head of savings.

He added that he felt more providers should offer a similar scheme to Nationwide's SavingsWatch, which allows customers to receive rate updates via text and email.