Savers are not receiving the best deals and rates for their savings by sticking with same account provider, research published by the Current Account Switch Service revealed.

The white paper, commissioned to understand consumer needs, found that 13 per cent of all savings accounts were switched in the last three years, highlighting that a majority of customers are reluctant to swap to different products.

Furthermore, the service identified that the introduction of a savings switch service, based on a similar model to the current account switch service, could benefit both financially savvy consumers and those with simpler requirements.

The white paper pointed to the fact 56 per cent of under 45s who have a savings account said a switch service was very appealing, rising up to 60 per cent among regular savers and those with multiple saving products.

The most common barrier people experience as they consider switching is inertia, with consumers aware of providers who offer products that better suited their needs, but they don’t feel an impetus to look at their options, select the most appropriate, and initiate the switch.

Easy-access savings accounts in the UK had a total balance of £354bn in 2015, with 33 per cent of it held in accounts opened more than five years ago, according to the latest Financial Conduct Authority (FCA) market study.

Commenting on the findings, Pay.UK, owner and operator of the current account switch service, COO Matthew Hunt said: “I’m pleased that CASS continues to provide evidence that helps us all to understand how to make financial services work better for consumers. Our research suggests that a savings account switch service might contribute to making the market more efficient and it could help customers who wanted to switch their savings to an account that better matched their needs.”

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