Savers have been warned to make sure they carry out a vital check to ensure they are not missing out on up to £641.

Financial experts are encouraging everyone with a savings account to check the interest rates they are earning and make sure there is not better out there.

Depositing the average savings balance of £17,365 into the market leading easy access account would earn you £861 in interest over a year. That is compared to just £220 when put into the account offering the lowest interest rates.

Alastair Douglas, CEO of TotallyMoney, is encouraging customers to ditch the low rates and switch their savings, adding that those with interest rates below the current inflation level of 2.3 per cent are losing money as their buying power is reduced.

Mr Douglas said: “The average saver could be missing out on more than £600 per year — which is a considerable amount, given how much the cost of living has increased. The extra income could be used to cover bills and expenses, left in savings so it continues to grow, or be put towards a special purchase.

“Double check your rate and make sure your money’s working for you. Loyalty doesn’t pay, and if your bank isn't paying you, then they’re making money from you. Don’t be worried about moving your balance to a smaller bank either, as long as they’re registered with the Financial Services Compensation Scheme, £85,000 of your money should be covered.

“If you’re struggling to save, then consider downloading a personal finance app which can let you connect an account via open banking. It should give you better insights into your finances, so you can avoid missing payments, dipping into your overdraft, or impacting your credit score. That way you can cut back on costly mistakes, and start moving forward.

“Whoever’s in charge of the country come July 5th, let’s hope they start delivering on their promise to deliver economic stability — with a focus on kick-starting people’s personal finances. Workers are now more than £10,000 a year worse off than they were in 2008. Something which will have impacted not just their ability to spend, but also to borrow and save.”


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Andrew Hagger, personal finance expert at, added: “Opening a new savings rate is simple these days, so there's no excuse to leave your savings pot with a provider paying a substandard return.

“Go online and check your current interest rate on your savings, you may be in for a shock, just because your chosen account was a best buy at the time,  it doesn't mean it is still a good deal now.

“The last couple of years have been much better for those lucky enough to have a decent savings balance - make the most of it and don't be afraid to move providers to secure a good rate on your cash.”