Saving account holders who have not checked their savings rate for at least a year are being urged to contact their banks after a survey by moneysupermarket.com found they could boost their savings interest by £200 a year.
Millions of savers could have interest rates paying as little as 0.25 per cent AER without even knowing it.
Research carried out has found that 31 per cent of all savers have never even checked their savings rate and 46 per cent have never changed their savings account.
Switching saving accounts is much simpler than people think when usually a phone call is all that is needed to change accounts.
Commenting on the findings, Kevin Mountford, head of savings at moneysupermarket.com said: "Many people stick with the same bank for a lifetime, and our findings show a third of savers (32 per cent) opened their account over ten years ago. But when it comes to savings this could be a big mistake.
"The banks seem reluctant to make it easy for customers to know when the rate has dropped. The changes may be there in the small print, but as a quarter of savers only skim read the terms and conditions from their bank, and 15 per cent read nothing at all, most will miss these all important announcements - something the banks no doubt rely on.
"Consumers need to take responsibility for checking rates either by reading statements clearly, or using their initiative to call their providers.”
Saving accounts which currently offer some of the best interest rates according to moneysupermarket.com include Halifax’s Fixed Rate Web Saver and ICICI’s HiSAVE Fixed Rate Account.
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