'Not all savings accounts are created equal'

Many consumers are ’stuck in a rut’ when it comes to their savings accounts, according to new research.

The study by moneyfacts.co.uk has revealed that less than half of savings accounts followed the Bank of England’s rate rise, leaving consumers who also borrow at a loss.

Whereas consumers tend to be quite picky when it comes to borrowing, they seem to be fairly careless when choosing their savings accounts.

Lisa Taylor, spokesperson for moneyfacts.co.uk, said that there are two types of savings account: branch accounts that people have had for a long time and then accounts that have good headline rates because they are competing for best buy.

She added that some branch accounts pay between 0.1 and 0.5 per cent which means that relative to inflation, savers are actually losing money.

"I think there are the consumers who are stuck in a rut with their old accounts and don’t really appreciate that they’re getting a bad deal," she said.

Ms Taylor claimed that part of the reason people do not pay attention to their savings accounts is because the media tends to focus on the problems of debt, so consumers tend to think that savings accounts are not different from one another.