Three in 10 savers (30%) are losing out on interest by keeping money in a savings account where a short-term bonus has expired, Investec Save research has found.

The firm said that many savings accounts offer an introductory rate for a limited period to attract customers. However, when this ends, savers often earn significantly less interest than they could secure elsewhere.

Investec’s latest research revealed that 27% of savers have taken out a savings product with a bonus rate in the past five years.

Seven in 10 (71%) of these savers hold more than £1,000 in accounts with a short-term bonus, with 3% saving more than £100,000 in accounts with a bonus rate.

However, Investec suggested that savers can be slow to reach once these bonuses expire. The firm found that 30% of savers keep their money in accounts where the bonus has expired, while 15% took between one and three months after the short-term bonus had expired to move their cash elsewhere.

The findings showed that 46% of savers moved their money as soon as the short-term bonus ran out.

Head of savings at Investec Bank, David Hunt, concluded: "Our research shows many savers are missing out on better returns by leaving money in accounts where bonus rates have expired. Acting quickly to move to a more competitive account can make a significant difference."

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