With more than £8bn lingering in low interest accounts, North East savers are urged to give their money a wake-up call
People in the North East are holding over £8 billion in accounts that are earning little or no interest, according to data analysed by Newcastle Building Society.
Over 1.5 million savings accounts in our region are earning 1.5% or less in interest according to new consumer data from CACI – showing that many hard-working people in the North East aren’t making their money work hard enough, missing out on millions of pounds of additional interest which would boost families, communities, and local economies.
Ben Smith, Head of Commercial and Product Development at Newcastle Building Society, said: “People in the North East are known for being hard-working but the data suggests that their savings aren’t working hard enough and people are missing out on additional interest which could make a huge difference to families, households, and our whole region.”
The society is calling on savers across the region to speak up about their money and take a few minutes to make their savings work harder.
Ben added: “For some, a proper conversation about money can be the wake-up call we need, and could make a massive difference to savings balances in the longer term. Although bank branch closures are all too common, we know one of the best places for a conversation about money is on your local high street, so we’re continuing to invest in our branches in towns and cities all over the North East.”
The region’s largest building society is doubling down on its commitment to face-to-face access to financial services. Earlier this summer the Society opened its new flagship Monument branch – one of the UK’s largest branches – promising an alternative to the raft of national bank branch closures with a multi-million-pound investment into a stunning bricks and mortar location.
Other recent branch investments by Newcastle Building Society include the refurbishment of its Hartlepool branch, a new branch in Pickering, North Yorkshire, and a new community partnership branch in North Shields
