In some cases people could be missing out on thousands of pounds of interest experts say it's vital they change accounts
Pensioners are being told to urgently check their savings - as they could be missing out on hundreds of pounds. Research from PensionBee showed that at least half of all retired people are not getting all the interest they should.
A retiree with a savings balance of £50,000 in an account paying 2% interest would receive £1,000 in interest after one year. If their cash was held in an account with a 5% rate, they would receive £2,500 in interest after a year - a difference of £1,500. However, for a working age adult with £5,000 in savings, the difference between the 2% account and the 5% account after a year would be £150 in lost interest .
It’s crucial this money is preserved and so some prefer the safety of cash accounts to leaving their retirement money in the stock market. So making sure they are getting the best return possible on their savings is really important.
Belgique Dernières Nouvelles, Belgique Actualités
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