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Savers Need to Care

Written By On 13/12/2013

Zopa, who call themselves the peer-to-peer lending company, conducted a survey which revealed that not enough people are concerned much about getting the best interest return on their savings.

Even though Zopa arrange loans by pairing up people that wish to borrow with others that are wanting to lend their money, they are not restricted to the same strict guide lines as a typical bank would be.

They are still governed by the OFT, the current watchdog soon to be taken over by the FCA next April, but they do not offer borrowers the same protected guarantee as a traditional financial institution.

The company spoke to over four thousand individuals that are saving. They found out that a mere ten per cent of them would think about moving their savings elsewhere if they were offered a higher return on their money.

Nearly half of the surveyed do not feel the institution they save with is completely trustworthy, although twenty per cent of the total amount of them just couldn't be bothered going elsewhere.

The results showed that the majority of the public asked are always looking to save money on their energy bills, with insurance expenses not far behind, followed by internet online charges.

Co-founder CEO Giles Andrews feels that people just turn a blind eye to the returns they would be able to achieve if they were to make the effort.

He warns of the 'short term incentives' because the rates offered may end quicker than a person may realise. Therefore one would just go onto their standard rate without noticing which can be extremely low. He says that

savers need to look at the full savings landscape including bank deals.