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Savers across the UK are being urged to check their accounts after new figures revealed they could be missing out on billions in lost interest.

Despite a year of relatively high interest rates and growing awareness of tax allowances, more than half of savers simply left their money where it was. Among those who did transfer their savings into an ISA, the most common transfers were between £1,001 - £4,999 (17%).

The average savings transfer was £4,287, but this figure is inflated by a smaller group moving larger sums. Most savers didn’t move their money at all, according to Raisin UK.

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With over £116 billion in fixed-rate savings set to mature in 2025 , many accounts default to easy acc

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