More than six million current accounts are paying no interest leaving savers at risk of losing money in real terms.
More than six million current accounts are paying no interest leaving savers at risk of losing money in real terms.(Image: Getty Images)
More than six million current accounts holding five-figure sums are paying nothing in interest, with hundreds of thousands containing over £100,000, leaving savers at risk of losing money in real terms.
More than 6.5 million current accounts with balances above £10,000 are earning zero interest, according to analysis by savings app Spring. The figures suggest £230 billion is sitting in accounts that pay no return rate – despite higher savings rates being widely available.
The data shows 340,000 accounts contain more than £100,000 without earning a penny in interest, while the average balance among zero-interest accounts with over £10,000 stands at £35,428.
READ MORE: Bonus salary sacrifice could boost pension pot and cut your tax billREAD MORE: Following these simple steps could increase your household income before Easter
Overall, £324.8 billion is currently held in current accounts paying no interest, and a further £71.3 billion is sitting in savings accounts earning 1 per cent or less, leaving millions of savers at risk of seeing the real value of their money eroded by inflation.
Out of 86.3 million current accounts in credit as of November 2025, 75.5 million – or 87 per cent – paid nothing on balances.
The average balance across all non-interest-paying accounts was £4,300.
Low-interest savings accounts
A further £71.3 billion is sitting in 22.4 million adult savings accounts earning 1 per cent interest or less – well below the top easy-access rates currently on the market.
In real terms, with inflation still eating into spending power, money held in accounts paying little or nothing is effectively shrinking.
Spring’s survey of 2,000 adults indicated a significant proportion of UK savers are failing to maximise their returns, with many keeping their money in low-interest accounts due to a combination of habit, fear and confusion.
The findings show that over a third of people (36%) keep their savings with an account provided by their main current account provider, with a fifth of respondents (21%) admitting to keeping their savings in their current account itself. Only a quarter (27%) have opted to place their savings with a separate provider.
Commenting on the research, Spring Head of Money Derek Sprawling said: “It’s staggering that over six and a half million current accounts hold over £10,000 and are earning absolutely nothing, with some people leaving six-figure sums languishing in accounts that erodes the real value of their money.
“This isn’t about people being careless as our research shows many are stuck in old habits or feel overwhelmed by the choices available. But in a higher-rate environment, doing nothing can be incredibly costly.
“Even small changes, like moving surplus cash into a competitive savings account, could make a meaningful difference to people’s finances.”