Savers wasting estimated £300bn in zero interest accounts

Wealth manager Quilter has launched a national campaign to publicise that British savers are currently sitting on £303bn in bank accounts paying zero interest.

To publicise the issue, the company has installed a cash-stuffed mattress London’s King’s Cross station in London this week to dramatically publicise the waste of money.

The company calls the amount left wasting away in zero interest bank accounts, “a major but hidden national financial issue” and is due mainly to financial inertia. 

It quotes Bank of England figures highlighting that a, “staggering £303 billion in household cash is currently sitting in accounts earning zero interest.”

The figure a 60% increase since the onset of the pandemic.

Quilter says the installation will help promote its core philosophy that ‘Money needs a plan.’

The company commissioned consumer research to find out why many do nothing with their cash. It found:

• 27% of Britons would rather hold cash savings than invest, while 11% keep some of their savings as physical cash stored at home
• 38% of adults do not consult anyone before making financial decisions
• 25% of people want to learn more about investing to build their confidence but lack the support to do so
• Men are more likely to be confident investing for the long-term compared to women (21% vs 11%) and also feel confident knowing how much to split between savings and investments (27% vs 18%).

Asked where people keep their cash at home if they do so, a safe proved to be the most popular choice (8%), followed by a secret compartment (7%) and an ornament, urn or tin (4%).

This reluctance to engage with investing leaves the UK trailing significantly on the international stage. Data from the Investment Association (2026) reveals that almost 70% of Britons rarely or never discuss investing and according to the FCA, 40% of people have money in current accounts that they consider as savings. 

As a result, UK investment participation stands at a mere 33% (Boring Money, 2026).

Calculations from Quilter shows that inflation can have a devastating impact on cash left idle. 

Jo Harris, chief customer and operations officer at Quilter, said: “Cash savings have long played an oversized role in the financial psyche of consumers in this country. The tide is beginning to turn, and people are recognising the crucial role investing can play in growing their money, but more still needs to be done.

“Cash, of course, plays an important role in our personal finances, but we wanted to bring the problem of excessive cash savings to life. The familiar image of cash being stuffed under a mattress for the future is not a suitable financial strategy, yet many consumers do just that by leaving money in low or no-interest savings accounts.

“The data shows that people want to learn about investing but lack the confidence to take the first step. We hope this installation helps people recognise that their money needs a plan and that they do not need to go it alone.”

• Quilter commissioned YouGov UK Survey, July 2026: Responses from 2,047 adult respondents across the UK analysed, in relation to statements around their approach to savings, investing and where money is kept.