'I'm a money expert - this tip will make a serious difference to your savings'

Savers could risk losing out on cash - or landing themselves with a large bill - if they remain "in the dark" about the interest rate on their accounts. New research by Hargreaves Lansdown shows more than a quarter of savers (28%) are currently unaware of the returns they're yielding, which could mean missing out on better rates or unknowingly breaching their Personal Savings Allowance due to higher-than-expected interest income.

Sarah Coles, head of personal finance at , said: "Given how rates have been falling and how much further they're expected to go, they could end up paying a horrible price for it." If your savings are languishing in an easy access branch account with a high street giant, Ms Coles noted that you could "make significantly more" elsewhere. She explained: "If, for example, you have £30,000 earning 1.35% with a high street giant, you could make £408 in a year. If you moved to an account paying 4.75%, you could make £1,456 - leaving you £1,048 better off."

On the other hand, Ms Coles noted that for those with more cash in better-paying savings accounts, by not keeping track, "there's a risk you're in the dark about a potential tax bill".

Basic rate taxpayers can earn up to £1,000 worth of interest before exceeding their "personal allowance", and higher rate taxpayers can earn up to £500.

However, Ms Coles said: "If you make more interest than this, you'll be liable for tax. When you're paying this through your tax return, it will be due long after you receive the interest."

This means there's a danger of having to pay the tax much later, after the money has already been spent. To avoid this risk, Ms Coles suggested considering a Cash Individual Savings Account (), where all the interest earned in this account is tax-free.

The is expected to cut central interest rates next week, and the market is pricing in around three more cuts in 2025. This makes it crucial for savers to review their pots now and cash in on the top deals while they're still around.

In the past 18 months, savings rates have dropped significantly. The average easy access rate fell from 3.18% to 2.77%, and the average one-year rate fell from 5.36% to 4.12%

Ms Coles said: "Banks are cutting rates right now, so if you haven't checked with your provider, or opened letters or emails from them, there's every chance your easy access rate has dropped.

"When rates are falling, savers may think there's no point in keeping on top of their savings, because they're lower everywhere. However, with the average easy access rate offering 2.77% and several still offering 4.75% or more, switching could make a serious difference, especially for those with more savings."