Some £6.1 billion in forgotten money is languishing in savings accounts in the UK

A survey into the current saving habits of the UK has found that an estimated 10 million Brits admit they have forgotten about savings accounts, only to stumble across an average of £600 in old accounts at a later date.

Some 10% still hide money under the mattress and one in five stashes their cash in kitchen drawers instead, new research from Clydesdale and Yorkshire Banks reveals. People in Chelmsford have discovered the most in lost savings, £1,622.86 each in long lost accounts.

Also some 21% of people have discovered cash in old ISAs, children’s savings accounts, bonds and dusty money boxes worth a staggering £6.1 billion in total. Nearly half of adults, 45%, admit to still owning a childhood money box for their pennies, while nearly one in five, 18%, keep their cash in a kitchen drawer.

A further 6.2 million don’t trust themselves with their money, choosing to pass savings to friends and family for safekeeping and another 10% even keep their notes hidden away under the bed or mattress.

The research also found that those that are currently saving are not necessarily seeking out the best deals. Brits are saving an average £1,329.12 per year and it's the nation's men who manage to stash more of the cash, saving on average £121.77 per month, compared to £103.57 which is put away by their other halves.

‘Our research revealed that people are still keen to save this year and it's encouraging that people are putting money away for the future. However about a third are keeping savings in their current account, missing out on interest rates so we would always encourage people to look at ways to make their money work harder in a savings account to suit their needs,’ said Steve Reid, director of retail banking at Clydesdale and Yorkshire Banks.