- A huge £612.4 billion is currently held in savings accounts earning 3% and under, failing to keep pace with inflation at 3.3%
- 69.4 million savings accounts are earning 3% and under, leaving millions of savers losing money in real terms
- £185 billion is held in 894,000 accounts with balances over £100,000 earning 3% and under in interest
- The average account earning less than 3% has a balance of £8,812
The total balance of adult savings held in accounts earning 3% and under stands at £612.4 billion, according to new analysis of CACI data by savings app Spring.
With the CPI rate of inflation at 3.3%, this means 69.41 million savings accounts earning 3% and under are losing value in real terms as their interest rate fails to keep pace with rising prices.
The analysis also highlights that substantial sums are being held in low-paying accounts, even among savers with larger balances. Spring found £538.9 billion1 is held in accounts with £10,0001 or more in, and £185 billion1 is held in accounts with £100,0001 or more, despite all earning under 3% interest. In total, 12.7 million1 accounts contain over £10,0001 and 894,000 accounts1 have over £100,0001 in balances.
On average, savings accounts holding more than £10,000 but earning less than 3% interest pay just 1.7%. Across all accounts with balances above £10,000, the average interest rate is still only 2.81%.
The average account earning less than 3% has a balance of £8,812.
Spring Head of Money Derek Sprawling said:
“As inflation sits at 3.3%, it’s vital for savers to make sure their money is working as hard as possible, otherwise its value is eroded over time. Today, £612.4 billion is sitting in accounts earning under 3%, which means millions of people are effectively going backwards in real terms.
“This should be a wake-up call. I urge savers to review the rate they’re getting and consider switching to a provider offering interest above 3.3%, so their savings have a better chance of keeping pace with the cost of living.”
He added: “Too often, people stick with a familiar provider and don’t notice when their rate has slipped, or they assume their bank is still giving them a fair deal. It’s worth taking a few minutes to check what you’re earning and to shop around.”
Download Spring today – your helpful savings companion
Spring’s app, built using Open Banking technology, connects seamlessly to customers’ existing current accounts, providing genuine easy access with a competitive rate of 3.82% AER. With no withdrawal limits or fees, and 24/7 UK‑based support, Spring empowers users to take control of their savings and build better financial habits.
Spring is available for download on both iOS and Android via the Apple App Store and in Google Play, and customers can apply for an account via the app in minutes.
Effortless saving
Open a Spring Easy Saver today. The Spring app uses open banking to connect to your current account, making saving seamless and simple.
To get started, download the app.
Notes to editors
- CACI’s Current Account & Savings Database (CSDB), Stock at February 2026
- CPI was 3.3% in March 2026, up from 3% in February 2026
Contact us
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