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Savers lose £4.3bn in poor returns

Savers are losing an estimated £4.3 billion a year in total from having money languishing in poor-paying accounts, research from Which?

has found.

The consumer group has launched a new campaign pressing banks and building societies to "scrap the savings trap", by displaying interest rates more clearly on sta tements and move people out of "zombie" accounts, which are closed to new customers and often pay rotten rates of interest.

Which? said its own consumer research found that three-quarters of people do not think banks do enough to help savers get a good deal and one-third (35%) have not switched their main savings account because they do not think it would make a difference.

It said analysis of Bank of England savings data and its own research suggests there is a difference of £4.3bn a year between the average interest paid to UK savers in savings accounts and cash Isas compared with the interest they would earn if their money was being saved in a top-paying account.

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