A ‘giant’ made up two thousand fake bank notes has appeared in Canary Wharf – in a warning to Brits about ‘sleeping savings’.
Made from recycled polystyrene and weighing more than a ton, the installation was created to highlight that more than £1.3 trillion of UK savings is sitting in low interest savings accounts earning less than 50 per cent of the Bank of England base rate.
The fully recyclable ‘sleeping giant’, designed by savings platform Flagstone, measures almost eight metres in length and is four metres high, and will rest in the capital’s financial district for three days.
It comes after research from the brand revealed 48 per cent of those with a savings account couldn’t tell you what the interest rate is on it.
A spokesperson said: “Over £1.3tn in UK cash is currently languishing in low-interest accounts - with this sculpture, we wanted to capture the scale of that problem.
“People are busier than ever, so it’s understandable that their savings aren’t always front of mind.
“But a little work goes a long way; millions of savers could be earning double what they are today.”
