According to a survey by Investec, almost three in five savers (59%) have shopped around to find the best rate for their cash savings.

The investment firm found that half of savers have already moved an average of £17,360 each from their savings to get a better rate of interest, while a further 39% plan to move their savings over the next six months.

In addition, almost one in five (19%) have already moved more than £25,000 of cash savings elsewhere.

The survey asked 1,098 UK adults between 28 April and 2 May whether they had switched their savings.

‘Make your money work as hard as possible’

David Hunt, head of retail savings at Investec, said: “Traditionally many savers can be put off switching due to the perceived hassle and time it takes – and in the recent past, low interest rates have meant it often wasn’t worth their while.

“However, the impact of the cost-of-living crisis means that everyone needs to make their money work as hard as it possibly can and, coupled with a rising interest rate environment, there are some fantastic rates for savers out there now – and many are making the switch to reap significant financial benefits.”