first direct urges savers to review their accounts

Research by first direct has found that almost half of us (47.7%) only hold one savings account, at the same time, less than half of savers know exactly how much they have saved.  Even more surprisingly nearly four in ten (36.9%) savers don't know what interest rate they're being paid for their hard earned cash and a similar number (34%) rarely or never check their balance, all highlighting a serious lack of awareness when it comes to savings accounts.

Bruno Genovese, Head of Savings at first direct commented: "In the current environment it's worrying to see what little attention people are paying to their savings.  It's important for people to review their savings regularly. Only then can they ensure they have the best account for their needs and have made the most of their tax free allowance."

To help those savers yet to invest their tax free allowance first direct are currently offering an online Cash e-ISA which remains fixed at 2.75% AER until 31 August 2012 giving people plenty of opportunity to invest their full limit of £5,340 before the end of the tax year next April.

Unlike some competitors first direct's fixed rate account allows customers to make unlimited withdrawals up to their yearly Cash ISA allowance without loss of interest.  The account is also perfect for those with fewer savings, only £1 is required to open the account.