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Finance experts have warned Brits about the money they are losing with one innocent savings account mistake. There are several kinds of savings accounts available to Brits in 2026, from Cash ISAs to fixed-rate accounts to simple, easy-access accounts. Some accounts are superior to others as interest rates and rewards vary greatly between accounts and providers. Savings experts have urged Brits to change their saving habits as they're losing out on hundreds of pounds.

A survey from Hargreaves Lansdown found that 43% of British savers do not switch savings accounts to take advantage of better interest rates, even though a different account would give them much higher returns. This is surprising to experts, given the fact that savers could as much as quadruple their returns by switching accounts, especially if they move from a high street bank to a lesser-known provider.

"Savers are horribly sticky, with 43% of them saying they'll never switch for a better deal, and 27% never having moved in the past either," said Sarah Coles, head of personal finance at Hargreaves Lansdown. "Unfortunately, this is costing them dear, because the vast majority of money is still in easy access accounts with the high street giants, so savers are missing out on hundreds of pounds of interest a year."

Coles explained that someone with £20,000 in savings could earn £840 in a year in the most competitive easy access deal. However, if they stick with a high street brand, they only tend to make around £217, meaning they lose out on £623.

"In a particularly miserable high street account, paying 0.75%, they'd make £151 a year - losing £689," she added. The survey found that two in five people stick with their bank for savings because they trust it with their money.

When it comes to those over 55, this increases to half of savers. This makes sense when it comes to feeling secure, but the experts point out that all banks have to "jump through hoops" before guaranteeing a banking license, so your money is secure with them even if they aren't as familiar.

Meanwhile, some people who took part in the survey felt that switching was too much of a hassle, while some also feared that something would go wrong.

Additionally, a small portion of respondents have said they are waiting for rates to go up. However, Coles explains that, after recent falls, this is unlikely, and savers are better off switching now to get the best rates before they fall further.