Savings warning: Common mistake puts you at risk of missing out on 'higher' interest rate

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Mr Barrow said: “The second most common mistake is attempting to save too much. This may sound counterintuitive but, people (especially inexperienced savers) often have trouble saving consistently as their targets are too ambitious to start with.

“While it may seem like a great idea to save as much as you possible can, if this does not leave you with enough left over for a good quality of life, you’ll be far less motivated to save for the long-term and eventually you may feel so frustrated that you stop saving altogether.

“The same phenomenon can be seen within the health and fitness industry, with overly restrictive diets leading people to eventually fall off the bandwagon and give up entirely.

“This leads to the infamous yo-yo diet mentality. Well, the same can be said for yo-yo saving; stashing away an overly ambitious amount at the start of the month, just to have to start taking it back again to survive before the next pay day.


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