Warning to anyone who has over £5,000 in bank account

Millions of people could be missing out on hundreds of pounds each year by keeping their in low- or no-interest current accounts. Savers are now being urged to review where they store their money to ensure it's working as hard as possible.

New research from Spring, a savings app owned by Paragon Bank, reveals that a third of those surveyed hold more than £5,000 in their current account. By simply moving this money into a high- easy access savings account, many could significantly boost their annual income. For instance, £5,000 placed in an account paying 4.30% AER would earn £215 in interest over 12 months - compared to just £62.50 in an account offering 1.25%.

Top-paying accounts are often found through challenger banks, while the average easy access rate from the 'Big Five' high street banks remains just 1.25%.

Spring's research estimates that Britons are missing out on £20billion in lost interest every year, with £526billion sitting idle in current and low-interest savings accounts.

Over 29 million people have been identified as "current account coasters", which refers to those who could move leftover funds into higher-yield accounts after covering bills and essentials, but don't.

Derek Sprawling, managing director of savings at , commented: "High street banks are offering little to no interest on savings while making it unnecessarily difficult to access better alternatives, resulting in the rise of 'current account coasters'."

The research highlights various reasons people leave their money in low-interest accounts. Around 23% keep it there as a rainy-day fund, and 10% cited not getting around to moving it as the reason.

Paragon Bank created Spring, an app that connects an easy-access savings account to a user's current account using Open Banking technology. It currently offers an AER of 4.3%, and funds are available for withdrawal at any time.

By placing surplus cash in a high-interest easy access savings account after covering bills and essentials, savers can avoid losing out on potential interest income.

Mr Sprawling continued: "Unlike most high street easy access savings accounts, there are no hidden surprises with Spring - no bonus rates, restrictions or fees. You don't need to move your current account; just enjoy a competitive rate, unlimited withdrawals and easy access to your money whenever you need it. Just download it, connect it and watch your money grow."

Rachel Springall, finance expert at , said: "Savers looking for complete flexibility with their cash will find the new account from Spring enticing. Its simplicity shines and could be a great choice for savers who want to make unlimited withdrawals and manage their pots on the go."

She added: "There are unfortunately some savers keeping their hard-earned cash in a current or savings account that pays poor returns and is eaten away by inflation. However, this money could work so much harder if consumers just take a little time out of their day to open an easy access account that pays better returns, which is quick and easy to do."