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First direct claims 40% of Brits are in the dark about their savings

A study carried out by first direct reveals that 48% of Brits have just one savings account, and that fewer than half of savers know exactly how much they have saved.

The research shows that 37% of savers are unaware of the rate of interest paid on their account and that 34% never check their balance.

Bruno Genovese, head of savings at first direct, says: “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.”

In light of this, first direct has launched an online Cash e-ISA that is fixed at 2.75% AER until August 31, 2012. The account allows customers to save up to £5,340 before the end of the tax year (April 2012) and permits unlimited withdrawals without loss of interest.

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