I’m a lazy saver. I have little motivation for moving my money – and there’s not much to move. But when our latest research shows we’re missing out on £13 billon in savings each year I decided I’d like my slice of the pie.
Now, I’m lazy with my savings in a number of ways. I don’t physically shop around, I wouldn’t keep an eye on my savings rate if my bank didn’t write to me and I wouldn’t make proactive payments if it wasn’t for simple online banking.
I’m a low-rate savings account dream.
Savings rates on statements
When we ran the Great British Savings Scandal campaign in 2010, we demanded banks provide savers with information on their savings rate. That includes providers sending each customer an annual notice of interest rates.
Luckily for me, that’s exactly what my bank did, alerting me to the fact that my bonus period was due to come to an end and offered me some alternatives.
On a previous Conversation, Bill told us how he did the hard work himself:
‘It was only because this silver surfer was becoming a little au fait with computing since I retired that I found [my saving provider] was doing an e-ISA for 2.75% as well. So it does pay to shop around, even within the same company.’
It was down to my Which? Money colleagues to come to my rescue and find me a good deal.
I didn’t need any insider knowledge on the issue, I just put in the details on my existing savings account and the savings booster tool did the magic to work out what options would earn me more interest. I then used our Best Rate savings tables to choose an account, and job done.
Lethargy for switching
Now, I had a few prompts for doing this – shocking headlines about what I was missing out on and warning emails from my current provider. But commenter Roger B is worried that we’re doing too much of the work:
‘Why do I have to waste my time – and the bank’s time – opening accounts and closing them twelve months later? If everybody did that then surely the banks would stop this ridiculous merry-go-round.’
We’ve had a range of Conversations on similar issues – including why some individuals are reluctant to make the move (Chris McBride, I hope you’ve switched bank accounts by now!).
Do you think your bank provides you with enough information on your best deal? And will you be joining me in making your move – after all, it’s World Consumer Rights Day.