Research suggests one in three people are experiencing a ‘money-moving paralysis’ (Image: Getty)
A major UK building society has urged Brits to consider a quick money reset as billions of pounds sit idle in low-paying or zero-interest accounts. While many households continue to gear up for the summer spending season, others are finding themselves stuck in a financial holding pattern.
Research by Skipton Building Society shows one in three people is experiencing a “money-moving paralysis”, and 22% think switching savings accounts feels like too much effort. Based on the mutual’s analysis, 80 million accounts earning 0% interest have a combined £327 billion, reflecting an average balance of £4,087. If this balance were moved into a top-paying savings account with 5% interest AER, savers would pocket an extra estimated £209 after a year.
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Millions of people are going backwards financially by leaving savings in accounts paying less than inflation, says Alex Sitaras, head of savings at Skipton Building Society.
He said: “Vast amounts of cash are losing value in real terms while sitting untouched. If moving money feels overwhelming, start by checking what interest rate your savings are earning right now.
“One in 10 (9%) of savers never check their interest rate, so awareness alone is often enough to unlock the next step.”
Do a simple review, not an overhaul
Mr Sitaras said: “You don’t have to overhaul everything at once. If moving and reviewing money feels exhausting, focus on just one pot of money – whether that’s savings, current accounts or investments. Taking a single action is more effective than waiting for the perfect time to start.”
Skipton has shared six simple steps to help ensure savings aren’t eroded over the coming months (Image: Getty)
Sync your accounts with summer spending
In a fast-changing economic environment, it’s important to regularly review your options. In 2025, 12% of account holders only checked their accounts yearly to make sure they were getting the best rates.
Yet, Mr Sitaras said: “With higher costs around holidays, weddings and school holidays coming in during the next few months, what worked over winter bills may not suit spring and summer priorities.
“If you need more support with those higher costs, it may be worth keeping some savings in an easy access account, while checking where the rest of your money could be earning a higher rate to support those plans.”
Track down forgotten accounts
It’s easy to lose track of money sitting in old accounts or saving pots you haven’t checked in a while.
Mr Sitaras said “A quick check in can help you spot any savings that are sitting there earning little to nothing. Bringing it all back into one place will help you have better visibility or give you the option to move into something more competitive to give finances an overall boost.”
Some households are already gearing up for summer spending (Image: Getty)
Focus on clarity with your finances
Many people put off financial decisions because it feels complicated, particularly when they’re faced with unfamiliar jargon or aren’t sure what’s happening in the wider economic picture.
Mr Sitaras said: “Start by getting comfortable with the fundamentals: what your money is doing now, what different accounts mean, and how that might work for you.”
Speak to an expert
Mr Sitaras said: “What we’re seeing is a mix of frustration, confusion and, for some, real concern about making the wrong move. Speaking to an expert can help cut through that.
“Even a short conversation can give you a clearer picture of what the options are and build confidence around the next step.”