Wrong type of accounts cost savers money

 Eight in 10 savers are missing out on the best savings rates by keeping their money in the wrong type of account, a report has found.

According to Savings Champion around 80 per cent of savings funds held in banks and building societies are now in so-called “easy access” accounts, which tend to pay the lowest rates.

The average interest rate of easy access accounts is just 0.47 per cent, it found, compared to “notice” accounts that pay up to four times as much.