Half of British adults have stated that they will not change their approach to saving, despite the likelihood of receiving less from their savings as interest rates come down, Atom bank has found.

The app-only bank’s latest survey of 2,000 adults also revealed that a third (12.4 million) of UK adults are actively exploring methods to grow their money, including looking for better savings rates and exploring investments or premium bonds.

Although interest rates have remained high in recent months, just under a third of UK adults have never switched savings accounts before, while two thirds (66%) have not switched in over a year.

Atom said that while these savers may have missed the peak, it is important to shop around to get the best deals that remain now that interest rates are falling.

Of those who said they haven’t switched providers, 20% said this is due to loyalty to their current provider, while 19% said it was because they think interest rates are low across the board and they therefore don’t need to shop around.

Furthermore, of those that have switched in the past year, 44% did so because they felt that previous Bank of England rate increases were not being passed on to them by their current savings provider.

With interest rates now falling, over a fifth of savers (21%) will prioritise saving into an instant access saver account moving forward, with Atom stating that this highlights the need for banks to provide fair rates on accessible products like these.

Fixed rate savers are the next most popular choice (18%) as they can lock their cash away at a high rate before the base rate falls further.

Head of savings at Atom bank, Aileen Robertson, said: "Despite all the recent pressure, high street banks are still falling short. As a result, too many savers are stuck with what are essentially zombie accounts offering lacklustre returns.

"Our research shows 27 million people haven’t switched savings accounts in over a year, which means there is a very good chance they have missed out on potentially hundreds of pounds. Loyalty to your bank can cost you and as interest rates continue to fall, we fear more and more people will find their savings are earning paltry returns unless they take action.

"More often than not, the best easy access rate is with a different bank to the one you hold your current account with. And moving your money around easily and securely has never been simpler."

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