Billions in cash left in current accounts paying no interest

A third of current account customers in Britain are not earning any interest on their balance, and a further 30 per cent don't know how much interest their current account pays, according to research from Santander Current Accounts.
 
£130bn is left over every month in the nation's current accounts just before payday, and Santander's study found nearly half of people (46 per cent) who reach payday with money in their account are not receiving any interest on their balance - little surprise, since eight out of 10 current accounts don't pay any interest at all, according to data experts CACI.
 
This means people are potentially missing out on millions of pounds in interest and Santander is urging people to review their bank account to ensure that their money is working hard for them.
 
Santander is urging people to find out if their current account pays interest and make sure their hard earned money is working as hard as possible.
 
Hetal Parmar, Head of Banking at Santander, said: "Our study shows that millions of people have money in their current account each month that could be earning interest.  At a time where every penny counts, it's important to ensure your cash is working for you.
 
"Santander's 123 Current Account pays up to 3% for balances up to £20,000.  It also pays up to 3% cashback on household bills paid by direct debit, helping people make additional savings. This is not an introductory offer or something for the first year only; it's an account that provides ongoing value."