Finance consultants urge Brits to rethink their saving accounts

A giant sculpture made of two thousand fake bank notes has appeared in Canary Wharf this week, with a warning about ‘sleeping savings’

A colossal ‘giant’ comprised of two thousand counterfeit banknotes has taken up residence in Canary Wharf with a message to Britons about the dangers of neglecting their savings.

Weighing over a tonne, the installation was created to shine a light on the staggering £1.3 trillion sitting dormant in UK savings accounts, with interest rates languishing below half of the Bank of England’s base rate.

This eco-friendly ‘sleeping giant’ which comes courtesy of Flagstone, is almost 8 metres long and 4 metres tall and will reside in London’s financial district until the end of the week.

Talking about the sculpture, a spokesperson from Flagstone wanted to capture the scale of amount of UK cash ‘languishing’ in low-interest accounts.

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“People are busier than ever,” the spokesperson acknowledged, “so it’s understandable that their savings aren’t always front of mind.”

They went on to advise: “Most people aren’t money experts. But the first step to earning more interest, is taking an interest.”

The company’s research discovered that nearly half of savers with an account are clueless about the interest they accrue. Alarmingly, a tenth hardly glance at how their savings stack up over time.

Furthermore, the survey showed that when people open their accounts, 15% devote mere ‘minutes’ to consider their options.

Simultaneously, a third are sticking to the same old, underperforming savings accounts for over a decade.

A significant 43% of people are aware that their money could be working harder for them, but they don’t know how to make it happen, with a third confessing they’re worried about financial risks.

“A little work goes a long way;” said a spokesperson for the brand “millions of savers could be earning double what they are today.

“The first step is staying informed – knowing your interest rate and knowing where to look for better options.”

“It’s time to wake up the UK’s savings; when every pound pays its way, savers can earn more, do more, and ultimately feel more secure.”