Maike Currie, vice president of personal finance at PensionBee, said: “The reality is that loyalty rarely pays in savings. Too many people are sitting in old or default accounts earning well below inflation, currently 3.3 per cent on the UK CPI measure, while the gap between average and best-buy rates remains enormous. If your savings returns fail to outpace inflation, your money is quietly losing value in real terms.
“In an environment where inflation risks are rising again, inertia can become incredibly expensive.
“Building the habit of saving is important, but so is making sure your cash is working hard enough. That means regularly reviewing rates, using tax wrappers like ISAs where appropriate and shopping around via savings platforms such as Flagstone to access more competitive deals.”
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