Research from Intelligent Finance (IF) hjas found that bank customers are set to losee out on nearly £10bn in lost or overpaid interest in the year ahead
This works out at over £500 per UK household that coud be recouped if consumers examine their finances and switch to more competitive deals
The savings available nationally on standard variable rate mortgages alone are estimated at £2,590m. The bank points out that , with consumer borrowing at £716bn, customers are bing hit from both sides, with low rates on current and savings accounts and unnecessarily high interest onmany borrowing products.
Jim Spowarrt, IF’s chief executive, said: ‘Many banks are coining it in at the expense of customers who either don’t have the knowledgeor don’t think it’s worth bothering to change.’