Savers 'left in the dark' by banks

What if you could earn more interest on your savings without changing banks?

Switching accounts could make you hundreds of pounds, given the gaps between the interest rates of savings accounts offered by the same provider.

While savvy savers seek out the best deals, many don’t have the time or energy to keep up with rate reductions and product launches.

Banks have a responsibility to ensure customers get a good deal, but our research suggests some savers aren't being given the information they need to pick the right home for their money.

Here, we investigate how banks communicate with savers and what you can do to get a better rate.

Smaller savers sidelined

We asked variable-rate account holders whether their provider had suggested they do anything to get a better rate in the past two years, such as switch accounts.

Those with the most savings were more than twice as likely to say they had been prompted to get a better rate than those with the smallest pots: eight in 10 account holders who reported holding more than £100,000 said their provider suggested they do something to get a better rate, compared with just three in 10 of those who said they hold up to £5,000.

Of course, banks have no reason to contact those who are already getting the best deals, and we did find that providers are more likely to prompt those with lower-paying accounts.

Half of those who estimate their account pays less than 3% said their provider suggested they do something to get a better rate, compared with four in 10 of those who estimate they earn more than 3%. 

But how much money you have in your account seems to be the more important factor. This chart shows the proportion of account holders who told us their provider prompted them to get a better interest rate, broken down by how much money they hold:

How banks should communicate

In 2023 the FCA urged firms to be much more ambitious in how they support savers, amid worries that many weren’t getting a good deal. The regulator highlighted several concerns with the savings market, including poor switching processes and loyalty penalties for longstanding customers.

Under Consumer Duty rules, a standard introduced in 2023, banks should prompt those in the lowest-paying accounts to access better deals. 

Banks don’t need explicit consent for direct marketing to tell you about better rates: the regulator confirmed along with the Information Commissioner's Office that providers can provide neutral, factual information about better interest rates to all their customers.

We surveyed 11 major providers and they all told us that they inform savers with low-paying accounts about better-paying products. Most said they contact savers periodically, and when a customer’s interest rate changes, when fixed-rate terms come to an end and when better-paying products are launched.

All providers said they send notifications by letter or email, and some run multi-channel campaigns to encourage customers to choose the accounts that best suit their needs. Nine of the 11 providers we spoke to said customer service colleagues are instructed to alert savers when better rates are available.

• Find out more: the best savings providers

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Banks in focus

The FCA encourages firms to target specific groups of customers and communicate the benefits of switching in a personalised way. But we’re worried that some banks are sidelining savers with smaller balances.

Of the variable-rate account holders we surveyed who reported balances of up to £5,000, the least likely to say they’d been prompted were customers of Royal Bank of Scotland (15% prompted), First Direct (16%), TSB (18%) NatWest (21%), Virgin Money (22%) and Santander (23%), while Monzo savers were the most likely (41%).

NatWest Group, which owns Royal Bank of Scotland, said all customers who hold at least £100 in an instant-access account are informed when the base rate changes that they could be earning more interest. It told us that it had proactively contacted more than 250,000 customers in the past three months.

Santander said it proactively contacts customers who are on low rates, in addition to communications it sends when rates change or fixed terms end. TSB told us it contacts all customers ahead of their fixed rate ending. 

Virgin Money told us it contacts all savings customers at least once a year, regardless of their balance, and HSBC, which owns First Direct, said it contacts all customers with information on better savings rates, including those with a balance below £5,000.

• Find out more: big banks fail to keep up with rates from lesser-known savings providers

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Getting the message across

Last year, the FCA found that the messages providers sent to savers were often too passive, with vague calls to action that might not encourage a response.

Our research suggests that not all providers give customers clear, actionable information. 

Four of the 11 providers we surveyed said they don’t list better-paying accounts in their communications. Instead, customers are directed to review a range of products or to the provider’s website for more information. 

Some of the Which? members we spoke to said they were fed up with the amount of homework they had to do to keep on top of interest rate changes or the volume of messages they received from their provider. 

Many may have become disengaged: one in six of those with a variable rate account said they didn’t know or couldn’t remember whether their provider had suggested they do something to get a better interest rate

But we did hear positive examples of providers getting it right: One Which? member was impressed by Santander branch staff: 'Back in May I decided the interest rate on my Co-operative Bank cash Isa was terrible so I moved it to Santander. When arranging this in my local branch, staff suggested moving my savings to another of its accounts, more than doubling the interest rate.'

Five ways to earn more from your savings

1. Consider a different type of account

Three in 10 variable-rate savers who’d been prompted to get a better rate said their provider suggested they open a different type of account. If you stash all your cash in an instant-access account, consider moving some money into a limited-access account or a fixed-rate bond.

• Find out more: what are the different types of savings account?

2. Look for new issues of your existing account

Another account from your provider may offer a better rate, as it’s common for banks to reissue products with more generous returns. A quarter of account holders who’d been prompted to get a better rate told us their provider suggested a new account of the same type.

3. Make use of linked savings accounts

Savings accounts linked to your current account or mortgage might offer preferential rates. Around half of account holders told us they were able to access an exclusive rate due to being an existing customer. 

This was the case for Roger Weetch: ‘The Cooperative Bank informed me that I could transfer to a savings account linked to my current account with unlimited access, which had appreciably more interest than other savings accounts I use’.

4. Use more than one account

Our research has found that the best savings rates can come with a catch: some accounts limit the number of withdrawals or have boosted introductory rates, while others require you to be an existing customer or occasionally have low maximum deposit limits.

You could consider splitting your savings across multiple accounts to get the best returns. In our survey, one in six who said they’d been prompted to get a better rate told us their provider suggested moving money out of their account so that it earns the best rate.

• Find out more: ​top instant access accounts come with a catch​​​

5. Shop around to get the best rate

Ultimately, shopping around is still key to getting the best rate, and your bank is unlikely to tell you to take your money elsewhere. None of the providers we surveyed said they list accounts offered by other firms in their communications. However, Coventry Building Society lets you compare its accounts with those from other providers on its website.

Our experts scour the market each week to find the best rates for you, from instant-access account to five-year fixes.

• Find out more: best savings rates December 2025

Our research: In August 2025, we surveyed 6,008 nationally representative adults who hold a personal savings account. They told us about 9,479 personal savings accounts they hold and 7,891 experiences receiving communication from their savings provider. 

Where we refer to account holders or those with variable rate accounts, these statistics relate to instances holding a personal savings account, rather than individual survey respondents.

We also surveyed 1,769 UK adults who told us about how they use their savings account. Separately, we asked Which? Connect members about the communication they receive from their savings provider. We also surveyed 11 major providers about how they communicate with savers.