Millions of 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. According to Raisin UK’s 2025 Great British Savings Report, more than half of savers didn’t move any money last year, despite better rates being available.
This lack of switching means many are stuck on lower rates, with over £116 billion in fixed-rate accounts due to mature this year. Once that happens, accounts often default to easy-access rates of just 2.5%, down from the 4.5% many had previously. The result is an estimated £2.3 billion in lost interest across the country in just one year.
Kevin Mountford, a personal finance expert and the co-founder of Raisin UK, said: “There is a huge opportunity for savers to make their money work harder.
“Our research shows that switching accounts is simple and the vast majority experience no issues, yet inertia and fear are keeping millions stuck in the same account. Even small changes can add up over time.”
He added: “Now is the time for Britons to take control and explore better rates.”
The report found that 53% of savers didn’t move any funds in the past 12 months, and only 17% moved between £1,001 and £4,999 into higher-yield accounts.
The average transfer was £4,287, though this figure was skewed by a smaller group moving large sums.
Raisin’s findings also showed that many people who did switch faced no issues at all.
Six in 10 said “nothing negative happened”, which suggests fears around moving money may be overblown.
Despite the rise in available rates, many savers are still unaware of their options.
More than four in 10 chose their savings account on the same day they found it, and 35% admitted to skimming the terms and conditions. One in 10 said they missed out on benefits as a result.
The report also looked at how people across the country are saving. Around 31% said they’re saving for holidays, 30% for emergencies, and 23% of 18 to 24-year-olds are putting money aside for a house deposit. Meanwhile, 32% of over-55s are saving for retirement.
Despite tax-free ISA allowances of up to £20,000 a year, the majority of people didn’t move money into an ISA last year. Among those who did, most moved small amounts.
When it comes to account preferences, 59% said they favour fixed-term accounts due to higher interest rates, while 38% of easy access users value penalty-free withdrawals.
Flexibility and regular deposits were also key reasons for choosing easy-access options.
Raisin said savers could get even more by taking advantage of new tools such as its Vault Bonus, which adds extra rewards to savings kept active on the platform.
Mr Mountford said: “With tools like Raisin’s new Vault Bonus, savers can unlock extra rewards on top of competitive rates simply by keeping their money active. By choosing accounts that outpace inflation and combining them with the Vault Bonus, savers can secure a much stronger overall return.”
The findings are based on a survey of 4,000 UK adults carried out in September 2025.
The report acts as a yearly snapshot of how people across the UK are managing, saving, and spending their money. The full findings can be found here.
