Savers are set to miss out on £6.6bn each year by keeping their money in low-interest accounts, Moneybox has stated.

Analysis of CACI data found that there are 56.1 million low-interest accounts in the UK earning just over 1% in interest, which is well below the current rate of UK inflation at 2.8%.

The digital wealth management platform said this mean an account holding an average of £7,168 would earn just £81.71 over the course of a year. To keep pace with inflation, that same balance would need to earn £200.70 in interest over the same period, leaving an annual shortfall of £119.98 per year.

However, if savers were to move their money into a higher-interest savings account, they can stand to benefit significantly, outpacing inflation and making real returns.

Analysis by Moneybox found that putting the average amount (£7,168) into an account earning 4.4% would yield £315.39 in interest, meaning savers could gain an extra £233.68 per year compared to a low-interest account.

Chief savings officer at Moneybox, Cecilia Mourain-Jaquin, stated: "As inflation remains stubbornly high in response to ongoing geopolitical tensions, it’s important to make sure your money is working as hard as it can. We all notice the prices going up at the checkouts, but many savings accounts are currently offering rates well above inflation, creating a valuable opportunity for savers to protect the purchasing power of their money.

"Regularly reviewing your interest rate and making a simple switch if it is lower than inflation could make a world of difference. Ensure you take the time to shop around, as this will benefit you in the long run, and could be the helping hand you need to tackle any unexpected costs."

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