Britain's £6.1bn forgotten fortune

24/01/2011

• Brits admit to £6.1bn forgotten savings accounts
• One in five stash their cash in kitchen drawers instead
• Ten per cent still hide money under the mattress

Despite Brits becoming more cash conscious than ever, new research from Clydesdale and Yorkshire Banks reveals we're a forgetful bunch when it comes to keeping track of our savings.

A survey into the current saving habits of the nation has found that an estimated 10 million Brits admit they have forgotten about savings accounts, only to stumble across an average of £600 in old accounts at a later date.

Some 21 per cent of people have discovered cash in old ISAs, children's savings accounts, bonds and dusty money boxes worth a staggering £6.1bn in total. People in Chelmsford have discovered the most in lost savings, a whopping £1,622.86 each in long-lost accounts.

It is no wonder that Brits are losing track of their savings. The poll of 3,000 adults nationwide revealed that we are finding alternative places to stash our cash. Nearly half of adults (45 per cent) admit to still owning a childhood money box to invest their pennies, while nearly one in five (18 per cent) keep their cash in a kitchen drawer.

A further 6.2 million don't trust themselves with their money, choosing to pass savings to friends and family for safekeeping and another 10 per cent even keep their notes hidden away under the bed or mattress.

Steve Reid, director of retail banking at Clydesdale and Yorkshire Banks said: "Our research revealed that people are still keen to save this year and it's encouraging that people are putting money away for the future."

"However about a third are keeping savings in their current account, missing out on interest rates so we would always encourage people to look at ways to make their money work harder in a savings account to suit their needs."

Brits are saving an average £1,329.12 per year and it's the nation's men who manage to stash more of the cash, saving on average £121.77 per month, compared to £103.57 which is put away by their other halves.

Clydesdale and Yorkshire Banks are currently offering up to 4.25% AER on their Term Deposit accounts and 3% tax free AER on Cash ISA Fixed Rate Bond.

Visit http://www.cbonline.co.uk/personal/savings/ or http://www.ybonline.co.uk/personal/savings/ for more information on savings accounts.