Older people could be missing out on hundreds of pounds each year
Older people are being warned to check the interest rates they have on their savings accounts as new research suggests at least half of retirees could be missing out on huge sums of cash each year.
Some 42% of UK pensioners aged 66 to 80 have substantial cash savings, ranging from £20,000 to over £200,000, after a lifetime of work.In contrast, a quarter of working age adults in the UK have less than £1,000 in cash savings, with only 17% having more than £20,000 in the bank, while 1% of working age adults have savings worth £200,000 or more, compared with 5% of over 65s.
Becky O’Connor from PensionBee told the Daily Record: “The older generation has the most to lose from keeping money in an account that does not pay a competitive rate of interest. Sadly, it appears a high proportion are missing out on the best savings rates. Becky added that it’s really important to check the interest rate on your savings and move your money to a better paying account if you aren’t earning a decent return. On larger balances, the difference in interest between the worst and best paying accounts can be thousands of pounds each year.
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