TESSA savers could be losing out on £2million a week in interest, according to banking giants Alliance and Leicester.
They asked 2000 people what they intended to do with their savings over the coming months. Two thirds of Tessa savers have no plans to transfer their matured Tessa funds to a more effective savings account, despite the looming deadline at the end of the tax year.
The findings revealed that 69 per cent were going to leave their savings alone, 14 per cent would move them to a different type of account or invest, 11 per cent said they would change provider and two per cent expected to spend the lot. The bank's Tessa helpline is on 0845 964 5660.
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