Just over half of savers (52%) said that they had switched, or were considering switching, their savings accounts, taking advantage of the continued availability of better rates. Around two-thirds (69%) of those surveyed said they would consider switching.

The FCA’s £600k campaign, which will run across radio, digital audio and social media, will prompt consumers to review their savings by highlighting how quickly they can find a better rate. Consumers will also be able to use a dedicated page on the FCA website to calculate how much they could earn in higher paying savings accounts.

Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said:

“We know that people can be put off switching for a variety of reasons, but they could be making their money work harder.

“There are some great rates out there and it could take as little as 5 minutes to find a better deal.”

The FCA has already taken action to improve the savings market and has seen signs of a more competitive market emerging, with customers moving their money to take advantage of higher rates.

From July 2023 to December 2023, the amount held in bank and building society non-interest-bearing accounts reduced by £13bn and in easy access accounts, which typically have lower interest rates, by £9bn. Deposits held in fixed-term and notice accounts, which often come with higher rates of interest, increased by £24bn.

However, more consumers could move to take advantage of rates available - including a number of accounts offering rates above 5%.