Switching savings provider could earn you an extra £319 a year

Many respondents said switching banks was too much hassle (Image: GETTY) A recent study has uncovered that a staggering 50 percent of UK adults have never switched their savings provider . The poll of 2,000 adults highlighted a quarter of respondents think switching is too much hassle, while 76 percent believe they would need to gain an extra £150 in interest annually to make it worthwhile. However, analysis conducted alongside the research indicates savers could potentially earn an additional £319 per year in interest by switching from a high street bank’s easy access savings product to a best buy alternative with a higher interest rate. Mark Mullen, CEO of Atom Bank, which commissioned the study, said: ‘The big banks are making a fortune by not passing on rate increases to savers. ‘We think savers should be getting paid, not played by their bank. ‘It’s encouraging that the Treasury Select Committee and the FCA are challenging this behaviour but by far the best way to stop them profiting at the expense of customers is to encourage people to get online, vote with their fingers and move their hard-earned money to a better rate. ‘Let’s not forget, most savers are covered by the FSCS for sums up to £85,000 and have absolutely nothing to gain by remaining loyal to ‘so called safer’ banks that pay them derisory savings rates.’ The study also revealed among those who have switched savings providers in the past, only 21 percent do so every two to five years. This suggests they may have missed out on top deals since the Bank of England began increasing the base rate. Furthermore, the research found individuals who have switched providers have, on average, more savings compared to those who have never switched (£17,501 versus £4,001). While 13 percent of respondents stated that they would switch for better customer service, a significant 76 percent are primarily seeking better savings rates. Mr Mullen expressed the need for greater awareness and competition in the industry, saying: “The myth remains that switching banks is a time-consuming and difficult process. Savers today have the best rates at their fingertips, and just a few clicks on a decent app can earn them an extra few hundred pounds a year. The sooner people realise this, the sooner big banks will be forced to change their ways.” This article was crafted with the help of AI tools, which speed up  http://Express.co.uk  ‘s editorial research. A news editor reviewed this content before it was published. You can report any errors to  readercomplaints@reachplc.com .