We all have different ways of organising our money. Most of us have some kind of system in place that covers our outgoings, leaves space for the odd treat and hopefully sets a little aside to save each month. You might even spread your money across different accounts - but once it’s there, what is it actually doing?
For most people, the answer is very little, but the solution is easier than you might think.
Why aren’t we asking for more from our money?
If you’ve got money that could be working harder, you aren’t alone. To find out how much money is sitting almost idly in easy access savings accounts, Spring analysed research conducted by global data analysts CACI+. Recent CACI data showed that £338 billion is being kept across 51.3 million savings accounts earning 1.5% or less. That’s a huge amount of money potentially earning much less than it could. So why are people keeping money in low interest accounts?
- Often, easy access savings accounts are simple to set up and easy to trust (most come from banks with household names). It’s not unusual for people to be saving in the same account as the very first one they opened.
- Life can get busy. Rates can drop. Priorities can change. Sometimes, reviewing other options can slip down the priority list.
- Also, switching accounts can feel like a lot of effort or risk, something we don’t want to add to our finances.
The bigger picture
Leaving money in a low interest account isn’t about neglect or poor decisions – it’s about habit, convenience and time
Another, often overlooked, reason people can end up keeping money in low interest accounts is the fact that providers sometimes cut their rates over time.
Spring’s analysis of CACI data found that 51.3 million savings accounts earn 1.5% or less, with an average rate of just 1.03%. The majority of this money (£284 billion) is held in accounts with balances of over £10,000. When so many households are working hard to stretch every pound, cash left in low interest easy access accounts points to untapped potential that’s just waiting to be unlocked.
For example, the table below shows how much interest is earned on £10,000 over one year at different interest rates**.
| Interest Rate (AER*) | Starting Balance | Interest Earned (12 months) | Total Balance After 12 Months |
|---|---|---|---|
| 0% | £10,000 | £0 | £10,000 |
| 1.00% | £10,000 | £100 | £10,100 |
| 3.00% | £10,000 | £300 | £10,300 |
| 3.50% | £10,000 | £350 | £10,350 |
**Please note, this is an example and is not based on any specific product rate
Time to make a change?
We know that changing how you save can feel like a big, time-consuming task. People might associate finding a better rate with transaction limits, hidden fees, or complexity. Others may feel happy with a lower rate in return for instant transfers to their current account.
But the truth is, you don’t have to choose – modern accounts can give you both flexibility and better returns, whilst making it effortless to switch to the right account, such as Spring. That means that your money can start working harder for you, without adding more effort to your finances.
As Derek Sprawling, Head of Money at Spring, says: “The fact that £338 billion is sitting in savings accounts earning an average rate of just 1.03% shows just how much money is lying idle in low-paying accounts. Savers may think they need to accept lower rates in return for instant transfers to their current account, but that’s no longer the case.”
What to check before switching
Many people are surprised to find that money they’ve been setting aside isn’t earning much, so if your savings are sitting in a low interest account, it’s worth taking a moment to explore the easy access options currently available on the market. The first thing to do is check your current interest rate on your existing savings, and then look for:
- Easy withdrawals: Look for accounts that allow instant transfers to your current account, like Spring’s Easy Saver.
- Bonus rates: Some banks offer short‑term boosts for new customers, or actions like regular deposits – check what’s included and how long it lasts so you don’t get caught out if the rate lowers.
- Competitive interest: Compare rates across providers, especially if you’re saving toward a near-term goal, as returns can vary widely.
These might seem like simple steps, but taking a few minutes to compare these features can make a meaningful difference to your savings. The extra money you earn could go towards your dream holiday, snagging tickets to see your favourite band, and could even help cushion you during unexpected emergencies. That’s where the right easy access account can make a real difference.
Take a look at our Easy Saver
Here at Spring, we pride ourselves on making saving smarter and simpler – that’s why our Easy Saver has no withdrawal limits, bonus rates, or access conditions. You can save with a competitive monthly interest rate and instant transfers, without hidden restrictions, fees, or fuss.
It works by connecting to your existing current account in seconds, using Open Banking technology to make transfers easy and instant. There are no charges or penalties, just easy saving and easy living.
If you want to give your saving goals a boost, you can learn more about Spring’s Easy Saver today or simply download the app and start opening up what life’s all about.
Save with Spring
The Spring app connects to your current account to make saving easier than ever. Get started now by downloading the app.
Find out more
*AER stands for Annual Equivalent Rate and this shows what the interest rate would be if we paid and added interest to your account once every year.
+CACI’s Current Account & Savings Database (CSDB), stock at March 2026. Savings account month‑end balances, adult Instant Access accounts ISA and Non-ISA.
