Experts say people could get extra £600 a year with a small banking change

The average saver could be losing out on £600 annually by not taking full advantage of interest rates.

TotallyMoney conducted a study into how much customers might lose by not placing their savings in an account that beats inflation. The research revealed that depositing the average savings balance (£17,365) into the leading easy access savings account (with a 4.96% interest rate) would yield £861 per year in interest. This is compared to just £220 on a rate of 1.27%, a difference of £641.

With inflation currently at 2.3%, anyone with a lower savings rate will effectively be losing money as their purchasing power gradually diminishes. The 20 worst performing easy savings accounts offer an average rate of just 1.27%, significantly below the Bank of England's base rate of 5.25%. Some banks even go as low as 0.50%, while the big five banks offer average rates of 3.04% on their best accounts.

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Alastair Douglas, a financial expert, has encouraged customers to abandon low rates and switch their savings, with additional calculations and advice provided by Andrew Hagger, a personal finance expert at Moneycomms.co.uk. Balances of up to £85,000 are protected by the Financial Services Compensation Scheme.

Interest rates range from as low as 0.50% to as high as 4.96%. Easy-access savings accounts, which allow regular deposits and withdrawals at any time, are an ideal choice for those who want to save and spend. However, the Annual Equivalent Rates (AERs) on offer can vary significantly.

Some rates are above inflation, effectively earning you money, while others are below inflation, meaning your money grows slower and is essentially losing value. TotallyMoney has