More than four in five (83%) people are "over-reliant" on their current account provider by having a savings account with the bank or building society that also provides their current account, Investec Save has revealed.

The subsidiary of Investec Bank also found that 69% of UK adults have their main savings account operated by their current account provider, with 76% of this group stating the main reason for this is convenience.

However, 33% said they are unhappy with the interest rate paid on savings by their current account provider and believe it is not competitive, while a further 20% are unsure whether their current account provider offers competitive rates.

This compared to 40% who said that the rate offered on savings by their current provider is "fair and competitive".

Head of savings at Investec Bank, David Hunt, said: "Our research shows that many people chose to have savings accounts from their main bank or building society because of the convenience this offers.

"But achieving a fair and competitive rate on savings should be a top priority and it is clear from our research that too many savers who rely on their current account provider for savings accounts are unhappy with the rate they receive or are unsure whether it is good enough. There are a wide range of other savings providers offering accounts which are still convenient, easy to use and can be opened online, but which also offer more competitive rates."

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