{"id":663268,"date":"2025-12-30T21:16:12","date_gmt":"2025-12-30T21:16:12","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/663268\/"},"modified":"2025-12-30T21:16:12","modified_gmt":"2025-12-30T21:16:12","slug":"yorkshire-building-society-issues-savings-warning-for-britons-with-over-5001-in-the-bank","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/663268\/","title":{"rendered":"Yorkshire Building Society issues savings warning for Britons with over \u00a35,001 in the bank"},"content":{"rendered":"

Millions are holding large sums of cash in current accounts that earn little or no interest, according to new research from Yorkshire Building Society.<\/p>\n

The building society said more than 12 million current accounts contain balances of \u00a35,001 or more while paying interest rates of one per cent or less.<\/p>\n

Yorkshire Building Society said the findings highlight how significant amounts of money are being left in accounts that offer minimal returns.<\/p>\n

The analysis was based on data from Caci\u2019s current account database.<\/p>\n

The building society said many account holders could increase their returns by moving surplus cash into savings products that pay higher rates of interest.<\/p>\n

Separate research has suggested the scale of the issue is widespread.<\/p>\n

Earlier this year, research by savings app Spring Savings, launched by Paragon Bank, found that \u00a3526billion is currently held in UK current accounts earning no interest.<\/p>\n

The figures indicate that around 29 million people are collectively missing out on an estimated \u00a320billion in interest each year.<\/p>\n

Research also found that one in three people have \u00a35,000 or more sitting in their current account.<\/p>\n

The average balance held in a current account was \u00a32,067.<\/p>\n

Derek Sprawling, savings expert at Paragon Bank, said some banks are failing to encourage savers to seek better returns.<\/p>\n

“High street banks are offering little to no interest on savings while making it unnecessarily difficult to access better alternatives, resulting in the rise of current account coasters.”<\/p>\n

\"Current<\/p>\n

Research shows savers missing out on billions in interest<\/p>\n

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GETTY<\/p>\n

Yorkshire Building Society also examined how financial pressures are affecting household spending.<\/p>\n

The research found households expected to spend an average of \u00a3596 during the Christmas period.<\/p>\n

This represents a fall from an average of \u00a3774 the previous year.<\/p>\n

The building society said fewer people were planning higher levels of festive spending.<\/p>\n

Only 15 per cent of respondents said they expected to spend more than \u00a31,000 on Christmas celebrations.<\/p>\n

This compares with 51 per cent who planned to spend that amount the year before.<\/p>\n

Research found more than half of those surveyed reported feeling financially stressed.<\/p>\n

Around 55 per cent said they were under financial pressure.<\/p>\n

Nearly a quarter of respondents said they planned to use credit cards to help cover Christmas costs.<\/p>\n

Among those planning to borrow, around half said they expected to repay their festive spending within three months.<\/p>\n

\"Current<\/p>\n

A quarter said it could take up to a year to clear the debt<\/p>\n

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GETTY<\/p>\n

Tina Hughes, director of savings at Yorkshire Building Society, said households were adjusting spending as budgets tightened.<\/p>\n

“Christmas is usually a time of celebration, but this year many households are cutting back as budgets tighten.”<\/p>\n

She said the number of people planning to spend more than \u00a31,000 had fallen sharply.<\/p>\n

“With household budgets under pressure and financial stress rising, many people are rethinking their spending.”<\/p>\n

Ms Hughes also highlighted the impact of leaving large balances in low interest accounts.<\/p>\n

Millions of people could be earning additional income by moving excess cash into higher paying savings accounts.<\/p>\n

Yorkshire Building Society said even modest changes could make a difference for some households.<\/p>\n

\"Current<\/p>\n

Someone with \u00a35,000 in an easy access savings account paying 4.76 per cent could earn around \u00a3243 in interest over a year<\/p>\n

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GETTY<\/p>\n

According to the building society, someone with \u00a35,000 in an easy access savings account paying 4.76 per cent could earn around \u00a3243 in interest over a year.<\/p>\n

The building society said this level of interest would not be available in most current accounts.<\/p>\n

Current accounts are typically designed for day to day spending rather than long term savings.<\/p>\n

The research suggests many people may be unaware of how much interest they are missing out on by leaving larger balances untouched.<\/p>\n

Financial providers said savers should regularly review where their money is held and consider whether alternative accounts better suit their needs.<\/p>\n

The findings come as banks and building societies continue to compete for deposits by offering higher savings rates.<\/p>\n

Yorkshire Building Society said it hopes the research encourages more people to review their finances and make informed decisions about where they keep their money.<\/p>\n","protected":false},"excerpt":{"rendered":"Millions are holding large sums of cash in current accounts that earn little or no interest, according to…\n","protected":false},"author":2,"featured_media":663269,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,478,1232,12,3028,512,16,15],"class_list":{"0":"post-663268","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-interest-rates","11":"tag-money","12":"tag-news","13":"tag-savings","14":"tag-sgg","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115810598333140344","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/663268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=663268"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/663268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/663269"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=663268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=663268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=663268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}