Savers have withdrawn more than £80 billion out of Britain’s four biggest banks over the last year.
The money is being used to pay down mortgages or find a better rate of interest.
The big four are NatWest, Lloyds, HSBC, and Barclays.
The withdrawal figure comes after the Financial Times analysed company reports from June 2022 to June 2023.
Chancellor Jeremy Hunt recently ordered High Street banks to pass on higher rates to savers.
However, despite being quick to increase mortgage costs, they have been tardy in upping savings.
The House of Commons Treasury Committee accused the big four of “blatant profiteering” and “squeezing higher profits from their loyal savings customers”.
Anna Bowes, of Savings Champion, said:
“The figures suggest some savers have finally realised how much interest they are missing out on by remaining loyal to their high-street provider, or by leaving their cash to languish because it’s convenient.
“By not shopping around you could be missing out on hundreds if not thousands of pounds in interest.”
