Dead-end accounts eat £13bn a year

Sarah Coles
piggy bank
piggy bank

Anthony Devlin/PA Archive/Press Association Images

A study from Which? has found that UK savers are missing out on as much as £13 billion in interest every year, by failing to switch their savings out of dead-end accounts and cash ISAs.

Some 41% of accounts are paying 0.5% a year or less, leaving savers losing a large chunk of their savings after inflation. And switching isn't quite the headache you may think.