You have probably seen the term ‘interest rate’ on bank apps or statements. But do you know what yours is? If not, you are not alone. According to a study by Accenture, 59% of savers have no idea what interest rate they are earning.

That is more than half of all savers coasting through their finances with no clue how hard or how little their money is working for them.

Not knowing your interest rate can quietly cost you big. The study found that nearly 29 million people in the UK are leaving around £20 billion on the table each year. That is money lost by letting cash sit in low-yield savings or current accounts instead of switching to higher-return options.

Even when better interest rates are available, nearly a quarter of people, 23%, say they still wouldn’t switch. Why? Some assume it is not worth the effort. Others just don't think about it. This kind of inertia is what banks count on to keep your money cheap.

Better Options Exist, But Few Make the Move

The average easy-access account pays around 2.78%. That is not great. But it is better than the typical high-street bank rate of 1.25%. And yet, many still leave their money parked in the lowest-paying spots.

Meanwhile, some easy-access accounts are offering 4.75%, and cash ISAs are going as high as 5.7%. That is a huge gap. Over a few years, it adds up to thousands in lost earnings.

Tima / Pexels / Knowing your rate is like knowing your salary. It tells you what you are getting in return.

If your money is sitting in an account that is paying pennies, it is basically losing value thanks to inflation. You are playing a game where the house always wins.

Even though 67% of consumers now hold multiple bank accounts, loyalty is fading. People are less tied to one provider than they used to be. That means the power to switch is right there. It is not locked behind fees or paperwork anymore. In fact, over a million people switched bank accounts in the past year alone.

Switching Banks Pays Off

Nationwide Building Society added 81,584 new customers in late 2024 by offering smart perks like welcome bonuses and no fees for spending abroad. That is how easy it can be to move, especially when there is money on the table.

The point is, people do switch when they see clear value. But many are still sleeping on it.

So, why aren’t more people checking their interest rate? It comes down to two things: apathy and assumption. Some think interest rates are all basically the same. Others assume that if there were a better deal, their bank would tell them.

Banks make money when you don’t check. The less you know, the more they keep.

Stop Losing Money You Don’t Know You Are Losing

Banks have made it easier than ever to be lazy about money. Apps look sleek, direct deposit is smooth, and account notifications make you feel informed. But if you never ask, “What’s my interest rate?” you might be losing cash in plain sight. Convenience is nice, but profit is better.

Pixabay / Pexels / Stop letting your savings sit in a low-interest account. Look up your current interest rate. Compare it to what is out there.

If you are getting less than 4%, you are probably being short-changed. You don’t need to wait for your bank to offer better. Most won’t.

Financial confidence doesn’t mean memorizing stock trends or becoming a budget nerd. It means paying attention to the basics, like what your money earns sitting still.

A good interest rate doesn’t just grow your savings, it gives you options. That extra income can mean a buffer for bills, a faster path to a holiday, or fewer worries when things go sideways.