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Why more than 5.5 million Britons will be looking to move their savings this year

Savings and investments

Millions of dissatisfied Britons will be looking to move their savings around in 2017 to get the best rates.

In fact, fewer than one in 10 people believe they are getting the most competitive returns on their money, with an estimated 5.7 million Britons planning to switch their savings account this year.

Almost two-thirds of savers are not confident their current bank or building society is providing the best deal.

New online challenger bank Masthaven has learned that many savers are losing hope that their main bank will deliver, with just one in three (29%) saying that they trust them to provide a good rate.

Almost a third (29%) of savers admitted that they stick with their main bank and trust them to deliver a good rate, and a similar figure (27%) have been put off shopping around saying there are poor deals everywhere, while 18% admitted they just can’t keep up with the [savings account] market.

The survey by Opinium for Masthaven showed two-fifths (40%) of savers had switched or thought about doing so in 2016 – this is equivalent to 17m UK adults researching switching for 35m hours in total within the last 12 months.

Masthaven, which launched in November, recently welcomed its 1,000th saver and now handles some £40 million of deposits.

“This milestone emphasises how many customers are simply not getting what they want from traditional savings accounts, and when that’s the case they will move their money to get a better deal,” said managing director Jon Hall.

“This sentiment is reinforced by our latest consumer research – millions of savers in the UK are losing patience, and have resolved to switch saving accounts in 2017 to find a better rate.”

Masthaven’s Flexible Term Saver account challenges banking convention by allowing people to decide the date when their savings account matures, using a sliding scale to pick any date between six months and five years to create their personalised fixed term end date.