Over half of UK savers don't know whether their savings account is actually competitive, research from LHV Bank reveals
15 July 2026
Millions of savers are sitting on poor rates without realising it
- 53% are not confident they’re getting a competitive rate
- Despite 95% actively checking their balance regularly and 69% knowing where all of their savings are held
- This lack of rate awareness has a price. A saver with £20,000 in the average easy access account grows their pot by £1,848 less over five years than a saver earning a leading rate
- LHV Bank says providers share the responsibility, burying savings rates under limited bonus periods, teaser rates, gimmicks, and a confusing lack of transparency
New research from LHV Bank reveals that over half (53%) of UK savers aren’t confident that their savings rate is competitive, meaning millions are likely sitting on poor performing savings pots.
The survey of over 2,000 respondents, in partnership with Censuswide, shows a picture of engaged savers who regularly check their balance (95%) and know exactly where their money is kept (69%) but this confidence doesn’t stack up when it comes to knowing their savings rate.
Industry action: make rates as visible and easy to check as a balance
LHV Bank is calling on the industry to make interest rates as visible and easy to check as a balance. Its findings show savers are highly engaged, yet left in the dark on whether their rate is competitive, not through apathy, but because the market makes comparison hard work.
Bonus rates that vanish after 12 months, teaser rates, and rates quietly cut over time all make it difficult to know at a glance what you're actually earning, let alone how it stacks up against the best deal available. Rates are often buried behind complex digital journeys and dense small print so that even the most attentive savers can end up unaware their money is underperforming.
Three steps to becoming an Active Saver
In the meantime, savers can take the following action:
- Check your rate. Find out what your savings are earning today. Many people are shocked to discover it’s 1% or less.
- Move your money. If your rate doesn’t beat inflation, switch to one that does.
- Make it a habit. Set a reminder to review your rate every few months, and watch out for short-term bonus rates that quietly slip away. Check your balance AND your rate.
Alex Beavis, Interim Director of Banking, LHV Bank says;
"Our research shows people know where their money is, but far fewer know if it's earning what it should – and fewer still are doing anything about it. Providers need to do more to close that gap. Savers deserve simple, transparent products that deliver what they promise, not rates buried under small print and performative gimmicks.
“There are also some key steps that savers can take to make the most of their money. Being an Active Saver means checking your rate as often as your balance, comparing it to the market, and being willing to move your money if your rate isn't pulling its weight. And don’t assume an account that once looked competitive still is because, chances are, it isn’t.”
