Over 6.5 million current accounts containing balances of over £10,000 are earning no interest, significantly eroding the value of the money, research by Spring has revealed.

The saving app’s analysis of CACI’s November current account and savings database also found that there 340,000 current accounts which have a balance of over £100,000.

In this period, a total balance of £324.8bn was sitting in current accounts paying zero interest.

Furthermore, Spring revealed that £71.3bn is currently held in adult savings accounts earning 1% or less across 22.4 million accounts.

Alongside this data analysis, the saving app’s survey of 2,000 adults showed that a significant proportion of UK savers are failing to maximise their returns, with many keeping their money in low-interest accounts due to a combination of habit, fear and confusion.

Over a third (36%) of people keep their savings with an account provided by their main current account provider, with 21% admitting to keeping their savings in their current account itself.

Meanwhile, just 27% have opted to place their savings with a separate provider.

Head of money at Spring, Derek Sprawling, stated: "It’s staggering that over 6.5 million current accounts hold over £10,000 and are earning absolutely nothing, with some people leaving six-figure sums languishing in accounts that erodes the real value of their money.

"This isn’t about people being careless as our research shows many are stuck in old habits or feel overwhelmed by the choices available. But in a higher-rate environment, doing nothing can be incredibly costly. Even small changes, like moving surplus cash into a competitive savings account, could make a meaningful difference to people’s finances."

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