Pension experts are urging older people to check the interest rate they currently have on their savings accounts after new research indicated that at least half of retirees could be missing out on hundreds of pounds each year.
Pension Bee warns those missing out most are people with an interest rate of three per cent or less. As high street banks have come under fire for failing to pass on Bank of England base rate rises to savers, new analysis from the leading online pension provider, revealed that the retired generation faces potentially far steeper losses than the rest of the adult population from keeping savings in lower interest accounts.
PensionBee’s research reveals that 42 per cent of British pensioners aged 66 to 80 have substantial cash savings, ranging from £20,000 to over £200,000, after a lifetime of work.
In contrast, a quarter of working age adults in Britain have less than £1,000 in cash savings, with only 17 per cent of this demographic reporting cash balances exceeding £20,000.Read more on dailyrecord.co.uk
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