MONEY WATCH

FRESH data has revealed the scale of inertia of millions of savers.

Years of pitiful returns have meant many have simply left deposits languishing in accounts paying next to nothing.

Figures from industry number crunchers Moneyfacts showed that the average easy-access rate remained consistent between March and April at 0.16 per cent.

Yet analysis by Paragon Bank revealed that 72 per cent of the money in these accounts – totalling a whopping £412.4billion – was earning a rate of 0.1 per cent or less.

The amount of savings built up has continued to grow throughout 2021, increasing from £953billion to £965billion between January and March this year.

This has translated to the average easy-access savings balance growing to £11,336 in March 2021, an increase of 10.6 per cent year-on-year.

Despite the long-term rotten returns, things could be finally looking up for savers.

Derek Sprawling, savings director at Paragon Bank, said: “We are seeing signs that the savings market is starting to pick up and that interest rates are on the up.”