Consumers are losing out to the tune of some £1.7 billion of interest every year as a result of their leaving idle cash in current accounts.

Yorkshire Building Society says that almost two-thirds of us have money left in our current accounts at the end of a typical month, at an average of £316.15 apiece. With only one in five of us moving their money into a higher-rate savings account, this means that many lose up to £88 of 'free money' every year.

Some 14 per cent said that they either forget to carry out such a transfer or simply consider it to be too much of a hassle, while one in ten of us still store their spare cash via the old-fashioned jam jar method.

The survey also showed that the kids aren't alright when it comes to saving – with 28 per cent of people between the ages of 16 and 24 not having an account and setting aside under £250 in stashed-up money.

Geographically, southerners were shown to be the most likely to save their money and avoid risking running into debt – with 58 per cent possessing a savings account and a third seeing over £1,000 stored away.



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