Nearly three in five (57%) UK consumers admit to keeping the majority of their money in current accounts rather than savings accounts, with some stating concerns about not being able to access money, Chase has found.

Research by the digital bank said that reasons include it being easer to keep track of money in a current account (25%), not having enough money to justify a savings account (22%), their current accounts providing interest (13%) and not being able to access money when they need it (16%).

Despite the majority of people keeping their money in current accounts, successive rate hikes by the Bank of England have led to savings rates increasing to the highest levels for nearly two decades, with savers taking advantage of east access rates exceeding 5%.

Meanwhile, most current accounts do not pay interest at all, and those that do often pay less interest than savings accounts.

Managing director for savings at Chase, Shaun Port, said: "Our research shows that millions of people across the country could be making their money work harder, simply by moving their savings into a high interest savings account.

"Nowadays, there are easy-access savings accounts which are simple to open and straightforward to use, provide you with much higher returns than current accounts and can offer access to your money whenever you need it, without being penalised. Even if you’re starting with a small amount of savings, it can make a real difference over time – the important thing is to just start."

Chase added that the higher interest rate is not always a big enough incentive for consumers to make a move to a new savings provider.

Although almost two thirds (64%) of UK saver are aware of better rates, just over one in 10 (11%) plan to change accounts, citing the "hassle of moving" (11%) and the believe that it wouldn’t make enough of a difference to make it worthwhile (17%) highlighted as barriers.

Aside from interest, consumers also prioritise trust in the provider (37%), having no fees or penalties for accessing money (37%), the ease of an app or online function (25%) and the ease of opening an account (24%) as contributing factors.

Port added: "Interest rates are an important consideration, but consumers also really care about trust, flexibility, and ease. They want their savings account to be hassle-free and enable them to maximise their savings. Everyone’s circumstances are different, so choosing an option that’s right for you is what’s key."

---