If you have not yet done so, then you should. Here at moneysupermarket.com, we did the sums and worked out that savings account holders could make a staggering £7.7 billion extra every year by switching their accounts to better deals.
So, the challenge we have set is for you to contact your banks and find out exactly how much interest your savings are making. Some old accounts are only delivering a less-than-generous 0.25% AER, meaning a brief call could help you make some real gains.
Kevin Mountford, head of savings at moneysupermarket.com, urged: "For those with money in poor paying accounts, a quick phone call could be all it takes to find out your rate, and then visit moneysupermarket.com to see how it compares to the best deals currently available.
"You should then move your savings and make your money work much harder for you."
If you have not really thought about your savings in a while, you may be wondering what sort of details you need to consider when looking for a new account. What are your rights? What protection are you entitled to?
Fear not and read on.
What to ask
Well, the very first question is clearly: "What interest am I earning on my account?"
If you are one of the 31% of savers who have never checked their rates, or the 48% who have never changed their accounts, then brace yourself for a possible shock.
Once you have recovered from the realisation that your cash is sitting there doing virtually nothing, it's time to move it to a better deal.
It may be that this means changing providers, but don't let that put you off.
However, there are some things to bear in mind when you're comparing accounts and deciding where to move your money to. Here's a quick checklist:
Is there a minimum deposit?
Some savings accounts require a specific amount to be deposited in them each month or year and failure to meet these requirements will mean the holder does not receive the advertised interest.
What are the withdrawal restrictions?
It's important to give some thought to exactly how often you intend to dip into your savings, as this will affect the deals you can qualify for.
Some accounts only allow a certain number of withdrawals in a year and others penalise savers by not paying interest for those months in which withdrawals are made.
How long can I rely on this interest rate for?
Many of the leading easy access deals include 12-month bonuses, so you'll probably need to move your money again once the introductory offer ends.
Even if the rate doesn't include a bonus, if it is variable it could change at any time so keep an eye on it.
There's no point in taking control of your savings only to then languish in another unchecked account.
For more information read Kevin Mountford's article 'How to choose a savings account' and watch our video 'Choose the right savings account'.
What are my rights?
Under the terms of the Banking Code - the voluntary principles of good practice - banks have to meet certain standards. However, this doesn't mean you'll be notified directly each time your savings rate changes.
You will be sent an annual summary of all your provider's savings rates (as long as you have £500 or more in your account) but written notification won't be distributed after every rate variation: changes are often only publicised in branches, the provider's website and the national press. You therefore need to be vigilant.
If the Bank of England changes the base rate most savings providers will alter their rates. And while you might expect your savings rate to move in line with base rate this won't necessarily be the case - banks and building societies often use base rate changes to manipulate their profit margins so as was highlighted following the recent interest rate cuts, the rates on many accounts fell by more than the base rate reduction.
We're now in a period of stable interest rates which presents fewer obvious opportunities for providers to tweak their margins, but this doesn't mean they'll leave rates unchanged. In many respects you need to be even more on the ball and check your rate regularly.
Protecting your pounds
The recent instability in the banking sector frightened many savers. It is not so long ago that people were queuing down the street to get their cash out of the beleaguered Northern Rock, despite reassurances that individuals' investments were protected.
However, in actual fact, if your provider is registered with the Financial Services Authority, your savings are guaranteed by the Financial Services Compensation Scheme (FSCS), which will compensate for losses of up to £50,000 in deposits with any one bank.
If you have more than £50,000 in savings, you should therefore spread your money between different providers. For more information read Clare Francis' article 'Who owns who?'.
Disclaimer: Please note that any rates or deals mentioned in this article were available at the time of writing.
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