A recent report from Flagstone, the UK’s largest savings platform, highlights that £1.3 trillion in savings is sitting in low-interest accounts, earning less than 50% of the current Bank of England base rate (4.5%). This means that a significant portion of UK savers’ hard-earned cash isn’t generating the returns it should.
Despite advancements in AI-driven finance, automated investing, and digital banking, many savers remain unaware of their savings potential. A OnePoll survey* found that:
- 48% of savers don’t know their account’s interest rate
- 29% have used the same low-interest savings account for over 11 years
- 15% spent only a few minutes choosing their last savings account
- 12% rarely or never check their savings account’s performance
Why It’s Time to Take Action on Savings
Claire Jones, Head of Strategic Partnerships at Flagstone, explains:
“People are busier than ever, so savings often take a backseat. But taking just a few minutes to check your interest rate and explore better options could mean earning double the returns.”
With more banks and fintech solutions offering faster onboarding and seamless account switching, maximizing savings has never been easier. However, Jones emphasizes that the industry must play a bigger role in educating and empowering savers:
“Most people aren’t financial experts. That’s why fintechs and banks need to step up—whether by making switching easier, offering better tools, or improving financial education. When people make informed decisions about their savings, they can grow their wealth, achieve more, and gain greater financial security.”
Raising Awareness: The ‘Sleeping Giant’ Installation
To highlight the issue of idle savings, Flagstone created a striking ‘Sleeping Giant’ installation in Canary Wharf from March 11 to 13, 2025. This 1.1-tonne, eight-meter-long sculpture, made from 2,000 fake banknotes, symbolized the vast amount of money lying dormant in low-interest accounts. Fully recyclable, the installation served as a visual wake-up call for UK savers to take control of their finances.
Make Your Money Work Harder
If you have a savings account, now is the time to check your interest rate and explore better alternatives. A simple switch could significantly boost your financial future. Don’t let your savings sit idle—make every pound work for you.
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