Apathy of savers could cost them money

In a recent report industry professionals have stated that the apathy of some savers could end up costing them money, because they fail to keep an eye on their savings account interest and fail to take action in order to secure the best rate, which means that their savings do not work as hard for them.

Some officials have claimed that many consumers are being enticed into putting their savings into particular account by banks and financial institutions that offer an initial eye-catching interest rate, which the consumer obviously finds attractive. However, many fail to read the small print with regards to how the long the more attractive rate will last, and often this is only for a short period of time.

Some savers fail to notice that the interest rate on some savings accounts drops after an introductory period, and some do realise but fail to look for a more suitable and competitive alternative.

One professional stated: "Some providers seem more interested in boosting profit and achieving best buy status than actually offering long term good value. With many savings accounts, with introductory deals launched last year, savers could soon be languishing in accounts paying lower rates having enjoyed potentially high returns.