BBC expert gives urgent alert for anyone with £5,000 in bank accounts | Personal Finance | Finance

BBC Expert’s £5,000 Bank Account Warning: What You Need to Know

A BBC expert has issued a stark warning to millions of Britons who have £5,000 or more sitting idle in their current accounts.

Consumer guru Laura Pomfret appeared on BBC Morning Live to highlight how people are missing out on vital interest payments during the cost of living crisis.

A shocking study by Chase found that one in six people admit to leaving more than £5,000 in their current account earning virtually nothing.

Yorkshire Building Society estimates there’s around £411 billion sitting idle in current accounts across the nation. Ms Pomfret warned: “The problem with leaving it in current account is it is probably making little or no interest.”

The expert explained that even modest sums could generate useful returns if moved to savings accounts. She said: “If you moved it to a saver that was paying 4%, you would make £40 across that year.”

Ms Pomfret stressed that this “free money” could pay for essential items like grocery shopping, birthday presents or a nice meal. She urged people to start small and build good financial habits.

The advice comes as families across Britain struggle with spiralling fuel and food prices caused by global conflicts.