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Millions of people with £8,500 in bank account warned 'it's important to take action'

Document Cited in Related
Vincent
Published date10 April 2024
AuthorJames Rodger
Publication titleEdinburghLive (Scotland)
A staggering £43 billion is languishing in underperforming accounts, with nearly five million instant access cash ISA accounts in the UK averaging over £8,500 but earning minimal interest

Yorkshire Building Society's research has revealed that a significant 45 percent of Brits would opt to save an unexpected windfall of £400. Chris Irwin, Yorkshire Building Society's director of savings, has voiced his concerns about these findings.

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Chris Irwin remarked: "It's surprising to see such a large amount sitting in low paying ISA accounts after a period of significant increases to savings interest in the last two years. This data follows on from our analysis earlier in the year calling for consumers to take time to review their finances."

He also highlighted the perfect timing for a financial spring clean, saying: "The start of a new financial year gives the perfect opportunity to review finances and make the switch from low paying accounts.

Although we've seen the Bank...

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