Some 52 per cent of individuals in the UK do not know what rate they are getting on their savings account.
Figures from Nationwide Building Society – based on a study by Atomik Research – has discovered UK adults are not being vigilant enough when it comes to maximising their cash, as 62 per cent are unsure if they get the best deal on offer from their lender.
On top of this, 59 per cent feel financial providers are not doing enough to help savers struggling to get a good rate in the current environment.
Richard Marriott, Nationwide's head of savings, noted the banking sector is currently very challenging for consumers trying to maximise their savings.
"Many continue to find it difficult to keep track of the rate they are receiving and to find out if there is a better account for their money," he added.
Mr Marriot would like to see all banks and building societies proactively advising their customers of where the best rates can be found.