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People with Santander, Lloyds, NatWest, Nationwide, Barclays or HSBC urged to check current account

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People with money in a current account at any one of several high street banks are being urged to check their savings rate as they could potentially be missing out on higher returns due to low interest rates.

Several banks are currently offering rates of over five per cent, so if your current savings rate is less than three per cent, it could be time to ditch and switch to get the most out of your money.

New research commissioned by the Building Societies Association (BSA) to coincide with UK Savings week, which runs until Sunday, suggests that around 34 per cent of people with savings have it in a current account with Santander, Lloyds, NatWest, Nationwide, Barclays or HSBC current account.

However, the study warns these people could be missing out on better returns and adds that one in seven (15%) have no savings at all, reports Birmingham Live.

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