While many households are gearing up for a higher spending season, new research suggests savers are stuck in a financial holding pattern. Despite ongoing changes to interest rates, Skipton Building Society’s survey shows that nearly one in three (31%) are experiencing a ‘money-moving paralysis’, while 22% say switching saving accounts feels like too much effort.

Against that backdrop, Skipton Building Society is urging savers to use the bank holiday as a quick money reset, sharing simple steps to help ensure savings aren’t quietly eroded over the months ahead.

Alex Sitaras, Head of Savings at Skipton Building Society, recommends the following:

1. Be wary of standing still when inflation is higher – check your rate

“Millions of people are going backwards financially by leaving savings in accounts paying less than inflation. Skipton Building Society’s analysis of CACI data from January 2026 reveals that in the UK, 80 million accounts sat at 0% interest rate have a combined £327 billion in them, meaning vast amounts of cash are losing value in real terms while sitting untouched. If moving money feels overwhelming, start with checking what interest rate your savings are earning right now. One in ten (9%) of savers never check their interest rate, so awareness alone is often enough to unlock the next step.”

2. Do a bank holiday review, not an overhaul

“You don’t have to overhaul everything at once. If moving and reviewing money feels exhausting, focus on just one pot of money this bank holiday – whether that’s savings, current accounts or investments. Taking a single action is more effective than waiting for the perfect time to start.”

3. Sync your accounts with summer spending

“In a fast-changing economic environment, it’s important to regularly review your options. In 2025, 12% of account holders only checked their accounts yearly to make sure they were getting the best rates. Yet with higher costs around holidays, weddings and school holidays coming in during the next few months, what worked over winter bills may not suit spring and summer priorities.

The bank holiday marks the start of a busy spending season. If you need more support with those higher costs, it may be worth keeping some savings in easy access account, while checking where the rest of your money could be earning a higher rate to support those plans.”

4. Track down forgotten accounts

“It’s easy to lose track of money sitting in old accounts or saving pots you haven’t checked in a while. A quick check in can help you spot any savings that are sitting there earning little to nothing. Bringing it all back into on place will help you have better visibility or give you the option to move into something more competitive to give finances an overall boost.

5. Focus on clarity with your finances

“Many people put off financial decisions because it feels complicated, particularly when they’re faced with unfamiliar jargon or aren’t sure what’s happening in the wider economic picture. Start by getting comfortable with the fundamentals: what your money is doing now, what different accounts mean, and how that might work for you.”

6. Speak to an expert

“What we’re seeing is a mix of frustration, confusion and, for some, real concern about making the wrong move. Speaking to an expert can help cut through that. In the run up to the bank holiday or across the half-term, you may have some time to sense check your approach or ask a few questions. Even a short conversation can give you a clearer picture of what the options are and build confidence around the next step.

Skipton is unique on the high street in offering everything from free, expert money guidance to fully regulated financial advice, ensuring people can get the help they need at every stage of life. If you do need more support, head to https://www.skipton.co.uk/financial-advice.”

Notes to Editors:

Source: CACI’s CSDB, Current Accounts Only, January 2026

Skipton Building Society — part of the Skipton Group — exists to help people have a home, save for the future and enjoy long-term financial security, a purpose that has remained unchanged for more than 170 years.

Providing mortgages, savings and financial advice with a network of 82 branches. Skipton was founded on fairness and today supports over one million members through two core businesses: Homes and Money.

Homes is focused on helping people move confidently at every stage of their home buying journey, with a strong commitment to first time buyers through innovation, practical tools and tailored support.

Money helps members build financial confidence, so every Skipton member benefits from access to a complete range of financial advice services. From free savings advice, through to pension planning and regulated investment advice, Skipton is unique on the high street for offering a truly end to end advice proposition. This breadth ensures members receive the right level of support for their needs, at the right time throughout their life.

Skipton Group and Skipton Building Society may, from time to time, wish to share press coverage via their official LinkedIn channels: @SkiptonGroup and @Skipton Building Society.

Any such posts will include full attribution, including the name of the publication, the journalist’s byline (where applicable), and a direct link to the original article on the publisher’s website. Please let us know should you prefer that we do not share specific coverage.

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