Savers missing out on more than £285 a year by staying put in poor paying accounts

14 October 2026

The best providers are getting in touch to tell customers so, says Smart Money People

• Savers could be missing out on more than £285 a year in interest by leaving money in an average easy access account.
• The average easy access balance earned just 1.65% in August, according to the Bank of England.
• The best easy access accounts now pay more than 4.5%.
• Someone with £10,000 could earn over £285 more a year by switching.

14 October 2026: New data from review site Smart Money People shows the banks and building societies customers rate highest are the ones willing to say: “You could be getting a better deal.”

Mentions of providers helping customers move to a better paying savings account almost doubled between August and September. There were also around three times as many reviews in which customers said their provider had proactively alerted them to a better rate. These alerts came by phone, by email or from a member of staff who spotted the customer could be earning more. With the average easy access account still paying a fraction of the best rates on offer, savers are noticing which providers speak up.

Savers on the move

Savers are starting to wake up. £1.6 billion was pulled out of easy access accounts in August, while £4.4 billion poured into ISAs.

Saffron Building Society’s savings accounts scored a perfect five out of five from customers in September, up from 4.86 in August.

Customers said staff got in touch about better rates and helped them move money when fixed bonds and ISAs matured.

One delighted saver said: “Rates are fantastic and really pleased with Harvey alerting me to the new rates.”

Hinckley & Rugby Building Society’s savings accounts also hit a perfect 5.00.

Borrowing on the rise

It’s not just savers feeling the squeeze.

Brits borrowed £2.5 billion on credit cards and loans in August, well above the six-month average of £1.9 billion.

The average credit card now charges a whopping 21.55%, while new personal loans average 9.96%.

Lender Abound scored 4.97 for quick decisions and competitive rates. Great Western Credit Union’s loans climbed to 4.86.

PayPal Credit rose to 4.94, with shoppers praising its purchase protection. One said: “You have assurance that you will get your money back if you are scammed online.”

Buy now, pay later deals also came under City watchdog rules on July 15, giving 11 million users the right to complain to the Financial Ombudsman.

“Would they tell you if you were on a bad deal?”

Peer Jelendorf, CEO of Smart Money People, said:

“Most people don’t switch savings accounts because they don’t know they should, not because they don’t care.

“The providers our reviewers rate most highly sent the email or picked up the phone to say, ‘you could be earning more’. With many feeling the squeeze to their savings, customers appreciate this.

“The question to ask any provider is simple: would they tell you if you were on a bad deal? According to our reviewers, the best ones do.”

How to make sure your money is working for you

1. Check your rate. The best easy access accounts pay more than 4.5%, against an average of 1.65%. If yours pays less than 3.1%, your savings are losing value to inflation. Watch out for introductory bonuses that drop off after six or 12 months.
   
   
2. Put maturity dates in your diary. Fixed bonds and ISAs can roll into a poorer-paying account if you don’t act.
   
   
3.  Look at the APR when borrowing, not the monthly payment. Use eligibility checkers that do a “soft search” so you don’t leave a mark on your credit file.
   
   
4. Pay for bigger online buys by credit card. Purchases between £100 and £30,000 are protected under Section 75. BNPL deals taken out since July 15 can now go to the Financial Ombudsman.
   
   
5. Don’t just stick with the big names. Building societies and credit unions often pay better rates and can offer a more personal service.

September’s Smart Money Risers

Smart Money People, the UK's most comprehensive financial services review site, publishes a monthly “Smart Money Risers” index, recognising those providers and products that are strong performers, due to their combination of meaningful ratings improvement and consistently high levels of customer advocacy.

Sector Risers

Product Risers