More than half (56%) agree that banks profit when customers don’t switch, but 64% of Britons have stayed with their main bank for more than a decade.
Among those who moved their savings last year, 87% did so for a better rate. Yet only 34% of all savers actually moved their money.
Almost one in five (18%) of all savers would seriously consider moving for only an extra £100 a year or less.
Someone with £20,000 could have earned around £370 more in real terms through HL Active Savings than with the average bank or building society easy-access account last year, rising to £1,230 over three years.
The gap with the “big banks” is starker still: based on the current rate of 0.95% on average, savers would get just £190 a year on £20,000, compared with £790 through HL Active Savings at today's rates: more than four times the interest.
For Cash ISA savers, the difference was more than £450 last year and £1,210 over three years.
British savers’ inactivity is costing them billions each year, according to new research and analysis from Hargreaves Lansdown.
FCA data shows that more than 15 million Britons hold over £10,000 in cash, equivalent to around £930 billion in savings, on HL analysis. With only a third moving their savings in the past year, HL estimates that inactivity could be leaving around £12 billion a year in interest on the table.
Someone holding £20,000 in an average bank or building society easy-access account* between July 2025 and June 2026 lost £82 in purchasing power after inflation. By moving to the highest-paying easy-access account available through HL Active Savings each month, would have beaten inflation by £287 – a difference of £370.
For Cash ISA savers, £20,000 at the average bank or building society rate* would have lost £141 in real terms. Actively switching to the highest-paying Cash ISA available through HL each month would have beaten inflation by £312 – a difference of more than £450.
Savers clearly value better rates: 87% of those who moved cited a better return, and 81% said it was the main reason. Yet only 34% of all savers have moved their money in the last 12 months. Some 18% would seriously consider switching for an extra £100 a year or less, while 12% would not move regardless of the additional return.
More than half of those surveyed (56%) agree that banks profit when customers do not switch, but almost two-thirds (64%) of people have stayed with their main bank for more than a decade and two-thirds of savers (66%) have not moved their savings in the past year.
Simon Belsham, Chief Client Officer at Hargreaves Lansdown, said:
“Doing nothing might be the easy option, but inactivity often leads to poor returns. Millions leave their cash with the same bank by default and that inertia is worth a fortune to banks, while costing British savers billions of pounds a year.
Savers clearly care about rates: when they move their money, the overwhelming reason is to secure a better return. What holds them back is the effort of repeatedly finding, opening and juggling different accounts.
HL’s Active Savings removes that friction. Savers can compare products across banks and building societies, move their money without filling in a new application each time, and actively manage everything in one place. A healthy savings buffer earning a competitive rate is the foundation of financial resilience – once in place, people can consider investing surplus cash for their future.”
The high price of staying put
The research found:
64% of adults have been with their main bank for more than ten years.
66% of people with savings at their bank did not move their savings during the previous 12 months.
8% keep their savings in their current account.
Only 34% moved some or all of their savings in the last 12 months.
87% of those who moved cited a better interest rate as a reason, and 81% said it was the main reason.
56% of adults agreed that banks profit from customers’ reluctance to move their money.
18% said they would seriously consider switching for £100 a year or less, 32% for £200 a year extra or less and 44% for £500 a year or less.
12% would not move regardless of the additional return available.
About Active Savings
Active Savings is Hargreaves Lansdown's cash savings service, making it quick and easy for clients to manage their cash alongside their investments under one login. Clients have access to products from over 30 banks and building societies through a single online account, saving the hassle of opening a new account with each provider. Savers can choose from easy access, limited access and fixed-term rates, often with market-leading rates that pay up to four times more interest than with the big banks.
We compared instant access rates across the UK's four biggest banks, Lloyds, Barclays, NatWest, and HSBC, and found an average return of just 0.95%. HL’s Active Savings best easy access rate is 3.95%. Correct as of 10/08/2026.
Notes to editors
Polling data
The Hargreaves Lansdown polling, conducted by Find Out Now, surveyed 3,000 GB adults between 3 and 4 August 2026.
Savings rate comparisons
The bank and building society average rates are sourced from the Building Societies Association (BSA), based on the Bank of England's "Average quoted deposit interest rates at banks and building societies" series, covering instant access non-ISA accounts and variable-rate Cash ISA accounts.
HL Active Savings and HL Cash ISA rates are HL's own historical rates, reflecting the best available easy-access and Cash ISA products on the platform each month.
One-year comparisons cover July 2025 to June 2026; three-year comparisons cover July 2023 to June 2026, with the best available rate applied each month.
Inflation Real-terms figures use ONS Consumer Prices Index (CPI) inflation: 2.6% over the 12 months to June 2026, and 8.4% cumulatively over the three years to June 2026 (ONS, Consumer Price Inflation, UK: June 2026).
The gap with the “big banks” measures the average of Barclays, NatWest, HSBC and Lloyds and compares it with the best HL Active Savings easy access account. Correct as of 10/08/2026.
Lost interest analysis
HL analysis of the FCA's Financial Lives 2024 Survey and ONS population data. The FCA finds around 15 million UK adults hold over £10,000 in savings, mostly in cash. HL estimates this to be about £930 billion, using the midpoints of the FCA's savings bands multiplied by the number of people in each band. With only a third of savers switching accounts last year (HL/Find Out Now polling), and Active Savings paying roughly 2% a year more than the bank and building society average, HL estimates savers who stay put forgo around £12 billion in interest annually.