Close to £300bn earning zero interest in UK bank accounts

Savers could have earned nearly £7bn

According to the figures from the Bank of England today (1 May), £280bn is sitting in UK bank accounts and accumulating zero interest.

This is a jump from the £234bn a year ago and a leap from the £153bn five years ago. Furthermore, a mere 3% return on last year's zero-interest cash could have earned savers £6.9bn, according to AJ Bell. Consumers are not switching their accounts at a rapid rate either as only just under 1.2 million people swapped banks according to Pay.UK, an 18.2% drop from the near 1.5 million switches in 2023. Economic secretary confirms wholesale ISA review as experts call for sweeping reform Laura Suter, director of personal finance at AJ Bell, said: "If you want one figure to sum up ...