![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/bank-warning-over-zombie-account-that-could-see-you-lose-cash/&media=https://uknews.evprotec.com/wp-content/uploads/2023/08/pound-coins-bank-notes-827846726-1.jpg&description=CASH BLOW Bank warning over 'zombie' account that could see you lose cash MILLIONS of Brits could be missing out on thousands of pounds when storing their cash in 'zombie' accounts. It means that millions of pounds in interest is being lost to customers with a decent amount of savings, according to financial advisors. 1 You could be missing out on decent returns by leaving your cash sitting in a current account or low-paying savings account Credit: Getty Savings rates have been boosted by the Bank of England's decision to raise interest rates 14 consecutive times in recent months. Current market leaders have a savings rate of 4.63% available, which, considering most current accounts have a rate of 1% or less, represents a huge jump. But the average current account paid savers just 0.65% back on their deposits in April, according to latest Bank of England figures. The average bank customer holds £17,365 worth of savings, according to Money.co.uk. And if you've got that cash sat in an account paying 0.65% interest you'll earn just £112.87 in interest each year. But if you were to move it to Shawbrook's market-leading easy access account you'd get 4.63% interest back - or £804 in interest every year. This means you'd earn a whopping £691.13 if you moved your cash out of a zombie account paying a mere 0.65%. Scott Gallacher, a chartered financial planner at Leicestershire-based independent financial advisers, Rowley Turton, said: "Rising interest rates have resurrected the issue of Zombie bank accounts. "It's alarming to see so many people stuck in neglected bank accounts earning mere pennies on their hard-earned money." Joshua Gerstler, a chartered financial planner at Borehamwood-based The Orchard Practice, also advised savers to be proactive amid the rising rate environment. He said: There's no doubt that, after all the rate rises of the past year or so, millions of pounds in interest is being lost by savers unnecessarily. "We still recommend holding as little money){kind=link}
MILLIONS of Brits could be missing out on thousands of pounds when storing their cash in ‘zombie’ accounts.
It means that those with a decent amount of savings could be missing out on better returns form higher interest rates, according to financial advisors.
Savings rates have been boosted by the Bank of England’s decision to raise interest rates 14 consecutive times in recent months.
Current market leaders have a savings rate of 4.63% available, which, considering most current accounts have a rate of 1% or less, represents a huge jump.
But the average current account paid savers just 0.65% back on their deposits in April, according to latest Bank of England figures.