A personal finance expert has warned bank account holders to “send their money out to work” if they have had it gathering dust – so to speak – in the same account for years.
Recent data from Hargreaves Lansdown shows one third of savers hadn’t moved their money in the last five years.
And it could be costing you. Big.
That’s it, I’m outta here! Ta Ta.
For the next few weeks, I’m taking a mini summer sabbatical (a little later than planned due to the Car Finance news) to focus on family, fitness & poor golf, in order to recharge my and my laptop’s batteries for a big autumn and winter coming.… pic.twitter.com/tXQjJTr4Ii
— Martin Lewis (@MartinSLewis) August 5, 2025
One saver told Saga Magazine that if a saver has £10,000 in their account, a 4 per cent interest rate would earn them £400 extra income, which works out at around £8 per week.
“Nowadays, it is easy to move money from one savings account to another, especially if you do it all online,” he revealed.
“You can easily open a new high-paying savings account, then take the money out of any low-paying accounts into your current account. The moment it arrives – and it usually is in moments now – you can use it to fund the new account.
“Job done”
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He further explained: “You can avoid some of the hassle of moving your money regularly to the best paying account by using a savings platform.
“You register once with the platform and then you can move your money to any accounts they list, though transfers usually take a day or so.
“You will also be able to see easily where your savings are, what they are earning, and some even provide an end of year statement for tax.”
BBC and ITV star Martin Lewis said: “After many years of low rates, savings have made a significant comeback over the last couple of years.
“And while rates are on their way back down from recent peaks, top savings still pay more than inflation, so there’s a chance to really make your money work for you.”