More than two in five (43%) savers have not moved any of their cash to accounts paying higher rates during the past two and a half years, despite changes in the Bank of England (BoE) base rate, Investec Bank has revealed.

Investec’s research, based on a survey of 1,106 UK adults, found that 19% of savers are considering moving money now that the BoE is cutting the base rate, which is likely to lead to lower rates in general across the savings market.

Around one in six (16%) of those who have not moved any money said their existing account already pays the most competitive rate, while a fifth (20%) believe the extra interest they could have earned on their cash did not make it worthwhile switching.

However, 30% admitted they did not get round to moving any money, despite rising rates. Over one in six (17%) said they are not concerned about the interest rate they earn on their savings, while 13% said they never compare interest rates.

Of the 57% of savers who did move money in response to the general rise in savings rates over the past two years, 43% said they have switched £10,000 or more to better paying accounts, while 5% have moved £100,000 or more.

Head of retail savings at Investec Save, David Hunt, said: "Since the BoE started raising the base rate at the end of 2021, the savings market has become highly competitive with a wide range of new accounts being launched as providers compete for business.

"It is surprising that so many savers have not moved any money to better paying accounts over the past two and a half years. While many say they are already receiving the best rate, or that it’s not worth moving, many more are likely to be receiving lower rates than they could earn on their cash.

"With the possibility that the BoE will continue to cut rates it is even more important now for savers to ensure they have the right balance of accounts for their needs paying the most competitive rates."

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