£1bn waste of UK zombie accounts

and had simply never bothered to close it down.

Even though the majority of people (81%) use online banking, almost one in 10 of those who have more than one current account admit they check their unused accounts as little as twice a year.

This could lead to serious security implications as recent research revealed one in 10 people had been a victim of a cyber attack on their credit or debit card.

Jody Coughlan, head of money at comparethemarket.com, said: “It is concerning to see how many people have over £100 sitting in these unused zombie accounts.

“While it is a good idea to have a ‘rainy day fund’ set aside in case of emergencies, the fact that so many people don’t regularly check their additional accounts is a risky move to take.

“It is really important to regularly check your personal finances for unusual activity and prevent financial losses. Unused accounts are easy targets for hackers who might be able to steal hundreds of pounds without being detected.

“Similarly, recurring direct debits from forgotten accounts can cause customers to unknowingly go into their overdraft and incur hefty fines.

“Although we are in a low interest rate environment, there are still some competitive current accounts available on the market. It is worth regularly reviewing your accounts to see if you could get a better deal or interest rate elsewhere.”