Savings

More than 50% of people in the UK claim they do not earn enough to be able to save money on a regular basis according to a survey by Birmingham Midshires. Around 55% of people questioned said their salary was not high enough for them to save.

However, putting money aside is something we all need to try and do. The market leading savings accounts currently pay 50 times more interest than the worst, so it pays to keep an eye on your savings rate. Visit www.bestsavingsaccounts4u.co.uk to find the best savings rates.

Regularly check what interest your deposits are earning as a popular tactic by some banks is to promote a market leading rate for a few months in order to attract new customers. Nationwide Building Society has accused rivals of relying on people's forgetfulness and apathy not to switch accounts after tempting short-term bonus deals run out.

A further study by Sainsbury's Bank suggests that half of all savers (approximately 19 million people) don't know what rate of return their money is earning. If the figure is accurate, as much as £112bn is sitting in accounts where the savers do not know the rate of interest being paid.