According to Bank of England data (series LPMZOD3: monthly amounts outstanding of sterling non-interest bearing sight deposits from individuals), £282.6 billion was sitting in UK accounts earning no interest as of May 2026. Despite the availability of competitive rates across savings accounts and ISAs, significant amounts of cash remain in accounts generating no return for savers.

Current accounts are known for their poor interest rates compared to fix rate accounts. And yet 36% of people keep savings there, according to an Opinium survey of 2,000 people, carried out for a study for data consultancy CACI and Yorkshire Building Society. For those current accounts holding more than £5,000, the average balance is £23,700.

Read more: NimbleFins Best Savings Accounts Guide

While the Bank of England has begun a cycle of rate cuts - dropping the base rate from its 5.25% peak to the current 3.75% - savers still have a window of opportunity. With inflation at 3%, the base rate remains above the cost of living, meaning proactive savers can still secure a 'real' return on their cash before further anticipated cuts later in 2026.

While earlier research from Yorkshire Building Society highlighted nearly £400bn in low-interest pots, the latest 2026 findings from AJ Bell suggest that £276bn is still earning absolutely no interest. While the total volume of 'lazy' cash has shifted, the core issue remains: billions are still languishing without providing any return to savers.

Chris Irwin, director of savings at Yorkshire Building Society, previously said: “We started the year highlighting that keeping large amounts of funds in low-paying current accounts has become a costly mistake for millions.

“It’s encouraging to see that for a small number of people they have made moves to improve the situation, however, there is still an incredible amount of money not earning returns like they could be.”

Rachel Springall, a finance expert at Moneyfactscompare.co.uk added: “Loyalty does not always pay and the convenience of stashing cash in a current account means many savers are getting little to no interest. Interest rates have changed considerably over the past 12 months but if someone does not proactively switch, they could be losing money in real terms due to inflation.”

The NimbleFins Best Savings Accounts Guide shows that for those able to lock their money away, in February 2026, Birmingham Bank has a strong offering with a 1-year fixed-rate deal at 4.67%. Other competitive options include Gatehouse Bank (via Raisin) and Cynergy Bank, both offering 4.65%, while Oxbury Bank is currently offering 4.45% on an 18-month fixed term.

But even for easy access savings, which could be favourable for those currently keeping money in their current accounts, there are some great deals to be had. For those who need immediate access to their cash, top-tier deals are still available. Monument, Atom Bank, and Chase are currently all offering easy-access rates of 4.75%, providing a much better home for your money than a standard high-street current account.

Regular savings accounts remain the highest-paying niche in 2026, with rates currently ranging between 6% and 7.5%. Principality Building Society is offering a market-leading 7.5% (7.36% AER), while First Direct continues to offer its existing customers a competitive 7% for monthly deposits up to £300.

Read more:

• Average Household Savings & Wealth UK

• Savers can make money on cash pot for first time in 16 YEARS - if they act now

• Martin Lewis reveals hack to avoid paying tax on savings interest as HMRC to rake in £10.4bn