Brits are missing out on a financial windfall by overlooking a simple error, according to money gurus. Savvy savers are being urged to scrutinise the interest rates on their savings accounts and hunt for more lucrative options.

With interest rates on the rise, experts argue that now is an opportune moment to act, as millions of households could potentially secure a better rate.

Despite the availability of attractive deals, many individuals remain loyal to their existing savings accounts with subpar interest rates, effectively forfeiting what could be considered 'free money'.

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Financial specialists are particularly targeting customers of major banks such as Barclays, Lloyds, NatWest, HSBC, and Santander, encouraging them to seek out superior offers. Unbeknownst to some, there may be more advantageous accounts within their current banking institution, reports Birmingham Live.

By switching to an account with a higher interest rate, savers could pocket an additional £233 annually on average, based on £10,000 in savings. Several institutions, including Monument Bank, Oxbury, Chase, Raisin UK, and Close Brothers, are currently offering accounts with interest rates surpassing five percent, be they fixed-rate or easy access.

Lucinda O'Brien, the savings account connoisseur at money.co.uk, advises: "If you do one thing today - check what interest you are earning on your savings. Interest rates have increased dramatically in recent years, but there are still many people that haven't switched savings accounts."

"We conducted a survey to find out people's savings habits in the UK, and it revealed 69 percent of consumers haven't switched savings accounts in the past two years. Of those people who haven't switched, 51 percent said the reason for not doing so was they were satisfied with their account and 27% said they preferred to keep all their accounts with the same bank."

"However, this decision means that many people are likely earning a lot less interest than what is currently available in the market."

She added: "When comparing savings accounts it's important to look at all the terms and conditions before taking the plunge, as each account does come with different features. The interest rate should just be the starting point for your decision."

"Plus, the example above is only looking at the average interest rate, and the top interest rates in the market are actually a lot higher. For example, Oxbury has an easy access account at 5.02 percent and Mizrahi Tefahot Bank Ltd via Raisin has a one-year fixed-rate account at 5.25 percent. This matches the base rate and it can be opened with £1,000."

"So, if you check the interest rate on your bank accounts and discover that it's more like June 2022 than June 2024 - then it's worth doing some research to find a better deal."