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When did you last move your savings account?

Despite the fact we have been talking about UK savings rates falling for the last few months, when was the last time you actually looked at your savings account and considered whether you are getting the best deal for your money?

The truth is that the vast majority of UK consumers are highly unlikely to even know what their current savings rate is and how much interest they're savings earned last year. While in the short term a percent or two here and there may not seem too much, if you're looking at retaining your savings for 10 years, 20 years or longer, even a 1% difference in your savings rate can have a large cumulative impact in the longer term.

When you consider your investments and finances, hopefully on an annual basis, it is vital that you take into consideration your savings as well. While any investment should be made with at least a medium to long-term objective in mind, if you need to rearrange them in the short-term then this is something which you will need to look at with your financial adviser. If an investment was underperforming in the medium term you would not leave it there, so if your savings account is underperforming in the medium term, what should you do?

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