UK savers losing out on hundreds of pounds each year because of this mistake

• Millions of Britons are losing money to inflation, with £612.4 billion held in savings accounts paying 3 per cent interest or less, while inflation stands at 3.3 per cent.
• Many high street banks offer significantly lower interest rates, often between one and two per cent, leading to a 'loyalty penalty' for savers who do not switch accounts.
• Savers with £10,000 in a one per cent account could miss out on over £280 annually compared to more competitive easy-access deals.
• Experts advise savers to check their current interest rates and shop around for better deals, as easy-access accounts paying over four per cent are available.
• The long-term impact of inflation on savings is often underestimated, eroding purchasing power even if the cash balance appears to grow.

IN FULL

The crucial inflation error costing Brits hundreds of pounds in their savings