Savers could earn £680 a year simply by switching to one of these main accounts

Savers could miss out on up to £680 a year in interest by leaving their money languishing in a high street bank savings account rather than moving it to the best easily accessible account.

The average high street easy access account pays 1.7 per cent, according to new figures from wealth manager Hargreaves Lansdown.

Savers with £20,000 in an average easy access account at a major bank, paying 1.7 per cent, and who don’t switch to the best easy access account, paying 5 per cent, could cost them £680 in interest over a period of time. anus.

> Find the best easy-access savings accounts using our rate tables

A saver who deposits £20,000 in an average easy-access account at a major bank paying 1.7 per cent would earn £342.66 in interest after a year, while a saver who deposits £20,000 in an easy-access account 5 per cent access would get £1,023.24, almost triple.

Hargreaves Lansdown also found that more than half of savers did not move their savings over the past year to get a better rate.

Rates are much higher than they have been for years, and while they have fallen from their recent peak, savers can still earn more than 5 percent on easy-access savings and fixed savings accounts for a year or two.

What are the best easy-access savings accounts?

The best easy-access accounts pay rates close to 5 percent. Principado Building Society’s easy access account pays 5 per cent, although this includes a bonus rate.

Yorkshire Building Society’s Easy Access Saver pays 5 per cent on the first £10,000 of savings and 3.9 per cent on balances over £10,000. Kent Reliance pays 4.96 per cent on deposits from £1 held in your easy-access account.

Despite these rates, a quarter of savers have never switched for a better savings rate, while half say they never plan to switch their savings.

Wealthify’s research reveals that one in four savers who stay rather than switch simply don’t bother switching providers, and a similar number don’t bother switching current account providers.

However, people who felt worse financially about staying put were aware of this: a third said it made them feel frustrated, while 29 per cent said they felt cheated.

Some savers remain loyal to their bank because they have been with it for a long time, hoping to be rewarded with a good interest rate, even though the interest rates offered often prove otherwise.

One in five savers said it’s too complicated to switch savings accounts, and another 14 percent felt the rewards of saving and investing were the same wherever they put their money.

‘The impact of inertia is shocking’

Sarah Coles, personal finance director at Hargreaves Lansdown, said: ‘The impact of inertia is shocking. Even though savings rates have skyrocketed in the last two years, still more than half of people have not changed in the last year and a third have not changed in the last five years.

‘The idea of ​​mobilizing savings to capitalize on the best rates is completely off the agenda of millions of people. A quarter of savers have never changed their savings and half have no plans to do so at any time in the future.

Andy Russell, chief executive of Wealthify, added: “Banks and other providers tend to rely on the customer loyalty seen here, with up to three in ten adults sticking with the same savings account provider they always use. they have been.

But it is clear that comparing prices could be beneficial. In the FCA’s latest savings market review, the average rate paid on instant and easy access savings accounts was 1.99 per cent, materially below the Bank of England’s base rate.

“Some accounts also move to lower interest rates after a bonus rate period ends, and customers are often too busy to continually compare prices.”

> See This is Money’s table of the best easy-access accounts on the market