You’ve worked hard to build up your savings, so you’ll want to know that they’re working as hard as possible for you, too.

Leaving your money to languish in a low-interest account could see you lose hundreds, if not thousands, of pounds in interest over time. For example, someone putting £20,000 of savings into an easy access savings account paying 1.6% would receive monthly returns of £26.86, or £322 in a year. If, however, they put their money into an easy-access savings account with a challenger bank paying 4%, their monthly earnings would more than double to £67.90, or £815 in a year.

The lower savings returns you get, the greater the risk that the cost of assets will rise faster than the value of your savings and that your money will buy less than before. However, this doesn’t have to be the case, as there are currently numerous accounts offering competitive, inflation-beating returns, as long as you know where to look.

Kevin Mountford, co-founder of Raisin UK, said: “Every day there are still millions of people sitting in low or no interest accounts, such as current accounts, where inflation hits in full force and money loses value.”