UK Savers Miss Out on $6.9 Billion! This New Platform is Changing That

Ruby Layram 11th Nov 2025 No Comments

Reading Time: 3 minutes

With interest rates holding steady and the Autumn Statement looming, many households are asking the same question: is my money working hard enough?

For most Brits, the answer is an uncomfortable no.

According to the latest figures, UK savers missed out on £6.9 billion in interest in 2023 alone by leaving cash languishing in non-interest-bearing or low-rate accounts. More than £1.1 trillion of the nation’s £1.5 trillion in savings is still earning less than 2 per cent. It’s a quiet leak that costs every household hundreds of pounds a year!

Why So Many Savers Are Losing Out

Part of the problem is complexity. Tracking rates across multiple banks, juggling ISA rules, and managing maturity dates can feel like a full-time job.

Even the most financially savvy people admit it’s easy to “set and forget” once an account is opened. Add to that the traditional difficulty of transferring existing ISAs, often slow, paper-based, or unavailable altogether, and it’s little wonder so much money remains parked in underperforming accounts.

Introducing The Smarter, Simpler Way to Save

That’s the issue Meteor Savings, a newly launched savings platform from Meteor Asset Management Limited, is aiming to solve.

The platform brings together a wide choice of competitive savings accounts, from easy-access and notice accounts to fixed-term deposits and Cash ISAs, all managed through one straightforward digital hub.

What makes Meteor Savings stand out is its ability to accept external Cash ISA transfers. Savers can now consolidate their ISAs into a single account and gain access to some of the best available rates across multiple banks, including HSBC, Santander, OakNorth, IsBank, and others.

And unlike most platforms, when a product matures the money doesn’t sit idle. Meteor’s interest-bearing holding account ensures your cash continues to earn while you decide where to reinvest, keeping every pound working, every day

Graham Devile, Managing Director of Meteor Asset Management Limited, explains:

“Having handled over £22 billion of investors’ cash and nearly two decades in the structured products and retail savings market, we understand what customers need from a savings platform. Meteor Savings was built to make it easy to access top rates and to ensure that no part of a saver’s portfolio is left under-earning.”

Devile adds that the company’s long-standing reputation for high standards of customer service underpins every part of the new platform.

Helping Savers Beat the ‘Loyalty Penalty’

Consumer groups have long warned about the so-called ‘loyalty penalty’, the cost of staying with the same provider even as better rates appear elsewhere. Meteor Savings removes the friction that stops people switching, acting as a one-stop marketplace where users can compare, move, and manage their money with ease.

At a time when the average easy-access account still pays a fraction of the Bank of England base rate, tools like Meteor Savings could make the difference between stagnating balances and steady, compounding growth.

How to Open A Meteoric Savings Account

Getting started with Meteor Savings is simple, and completely online:

Visit https://savings.meteoram.com/ to create your free account.
Complete a quick registration, you’ll need standard personal details and ID verification for security.
Add funds to your holding account, which starts earning interest right away.
Browse available products including easy-access, notice, and fixed-term savings accounts from partner banks.
Choose where to invest or transfer existing Cash ISAs directly through the platform. No paperwork, no waiting.

Once set up, you can track all your savings in one place, reinvest with a few clicks when products mature, and ensure your cash never stops earning.

Final Thoughts

As policymakers debate the economic outlook in this autumn’s fiscal announcements, one thing is certain: savers can’t afford to stand still.

With inflation easing but rates plateauing, it’s never been more important to make sure your cash is earning its keep.

Meteor Savings offers a straightforward way to take control, bringing the UK’s top savings accounts and Cash ISAs into one secure, interest-paying home.

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Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.