More than half of UK savers are not confident they are earning a competitive interest rate on their savings, despite regularly checking their balances, leaving millions at risk of missing out on higher returns, LHV Bank has warned.

Research by the bank found 53% were unsure whether their savings account offered a competitive rate, even though 95% regularly monitored their balance and 69% knew where all of their savings were held.

LHV said a saver with £20,000 in the average easy-access account paying 2.53% AER would earn £1,848 less over five years than someone receiving a leading rate of 4.15% AER.

The bank blamed complex products, including teaser and bonus rates that expire after a fixed period, as well as poor transparency, for making it difficult for consumers to compare savings accounts. It called on providers to make interest rates as visible and easy to check as account balances.

Alex Beavis, interim director of banking at LHV Bank, said: "Our research shows people know where their money is, but far fewer know if it's earning what it should – and fewer still are doing anything about it. Providers need to do more to close that gap. Savers deserve simple, transparent products that deliver what they promise, not rates buried under small print and performative gimmicks."

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