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UK Savers Are Losing on £300 Billion of Idle Cash — Are You One of Them?

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iFAST Global Bank

25 Sep 2025 · visibility 767 views

According to the Building Societies Association, Bank of England (BoE) Household Deposits July 2025, close to £300 billion is sitting in UK accounts that earn little to no interest.   

 

The hidden cost of idle cash 

Parking your money in traditional current accounts may feel convenient and safe, but it comes with a price. With most UK banks offering little to no interest, every pound left sitting idle is a missed opportunity to grow your savings. Over time, the gap between what your money could potentially earn and what it actually earns may become a significant setback. 


The good news is that your money does not need to stagnate. By choosing smarter banking solutions, you can keep your cash safe while helping it to grow with peace of mind knowing your deposits protected under the UK Financial Services Compensation Scheme (FSCS) for up to £120,000 per eligible client. 

 

Here are three ways iFAST Global Bank helps you earn more: 

  1. High-interest Current Account  

Skip the hassle of moving money between accounts. With our Multi-Currency Current Account, you can earn up to 2.90% AER* on GBP (variable), 1.00% AER* (variable) on EUR and 2.25% AER* (variable) on USD, with no cap in interest earned or minimum balance requirements.  

 

UK residents can also access a complimentary Visa debit card with real-time foreign exchange conversion for multiple currencies and card acceptance across 200 countries and territories. With iFAST Global Bank, everyday spending and savings no longer need to be separated when our Multi-Currency Current Account does both. 

 

  1. Flexible Cash ISA 

For those looking for tax-efficient growth, our Flexible Cash ISA is a simple yet powerful option. With a minimum deposit of just £1, savers can earn 3.25% AER (variable) tax-free interest on balances within their annual ISA allowance of up to £20,000 per tax year, while still enjoying the freedom to withdraw or transfer funds at any time. 

^UK residents with valid NINO 

 

  1. Fixed Deposits 

Our Fixed Term Deposits offer guaranteed returns of up to 4% AER* on GBP, up to 4% AER on USD, perfect for short- to mid-term financial goals such as home renovations, a wedding, or your next holiday. With terms ranging from 1 to 36 months, it provides a reliable way to lock in growth without long-term commitments. 

 

Start Banking Smarter 

Opening an account with iFAST Global Bank takes less than 30 minutes, whether you are based in the UK or abroad. Don’t let your cash sit idle and lose value to inflation. Start building a savings plan that works harder for you, and count on us to be with you at every step of the way.  

 

Have questions? Connect with our client services team via live chat or call at www.ifastgb.com/en/home/help/contact-us/personal  

 

*Interest rates are variable and subject to change. For up-to-date rates, please refer to  www.ifastgb.com  

iFAST Global Bank Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on our website at www.ifastgb.com. Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). More details: https://www.fscs.org.uk/. T&Cs apply.    

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iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).

iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.

Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.