Warning issued to anyone with £3,000 or more in their bank account

13 million current accounts in the UK boast balances over £5,001, with an average of £23,600 - meaning many savers are missing out on interest.
-Credit:Reach Publishing Services Limited


A warning has been issued to anyone with more than £3,000 in their bank account. 13 million current accounts in the UK boast balances over £5,001, with an average of £23,600 - meaning many savers are missing out on interest.

Shawbrook Bank found one in four 55-to 68-year-olds have £3,000 tucked away in a current account, while nearly one in 10 are keeping over £9,000 in one. On £5,000 over two years, not switching could cost you more than £208 in lost interest - assuming rates remain unchanged.

Adam Thrower, head of savings at Shawbrook said: "It is shocking to see the level of deposits being held in current accounts. Doing this might seem like the easy option, but people could be throwing away hundreds of pounds a year. Current accounts, not designed for savings, typically pay low interest rates - or none at all.”

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“Understandably, people can be concerned about locking away their funds and this may be a reason they choose current accounts to store their wealth. However, if this is the case, they should consider easy access accounts, which now offer great rates of return while providing the flexibility savers desire.”

He added: “Alternatively, those with larger deposits could make use of tax efficient fixed rate ISAs potentially allowing the deposits to accumulate interest year on year.” Here is a list of the best regular savings accounts currently on offer for the week beginning January 27, 2025:

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  • Principality BS - Eight per cent AER / 7.85 per cent Gross

  • The Co-operative Bank - Seven per cent AER/Gross

  • Principality BS - Seven per cent AER/Gross

  • Nationwide BS - 6.50 per cent AER/Gross

  • NatWest - 6.17 per cent AER / Six per cent Gross

  • Royal Bank of Scotland - 6.17 per cent AER / Six per cent Gross

  • West Brom BS - Six per cent AER/Gross

  • Market Harborough BS - Six per cent AER/Gross

  • TSB - Six per cent AER/Gross.

  • Principality BS - 5.60 per cent AER/Gross.

Here is a list of the best savings accounts on offer with a one-year fixed-rate interest rate attached for the week beginning January 27, 2025:

  • Vida Savings - 4.77 per cent AER/Gross

  • SmartSave - 4.75 per cent AER/Gross

  • GB Bank - 4.75 per cent AER/Gross

  • Close Brothers Savings - 4.75 per cent AER/Gross

  • DF Capital - 4.74 per cent AER/Gross

  • Tandem Bank - 4.65 per cent AER/Gross

  • MBNA - 4.65 per cent AER/Gross

  • Zopa - 4.65 per cent AER/Gross

  • Rova - 4.65 per cent AER/Gross

  • ICICI Bank - 4.65 per cent AER/4.57 per cent Gross