Are you one of the 56% of Brits who haven’t shifted their savings into a higher-paying account in the past year? Now isn’t the time to let your money languish, as new research by Hargreaves Lansdown shows this could be costing you as much as £992 a year. Interest rates are edging down by the week – and the trend looks set to continue.

Economists widely expect the Bank of England to cut the base rate from 4% to 3.75% on December 18, making savings inertia “particularly dangerous” right now, according to Sarah Coles, Hargreaves Lansdown’s head of personal finance. This is because people assume that when the base rate falls, all savings rates fall in tandem, so they don’t bother switching. This isn’t true, and loyalty doesn’t pay.

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