Many people are not aware of how hard their savings accounts are working, first direct has found.

Almost half (47.7 per cent) of those questioned only have one savings account, with less than half of them knowing exactly how much is in it.

Furthermore, 36.9 per cent said they do not know what interest rate they get on their savings, while 34 per cent admitted to never checking their balance.

The bank suggested that all these figures show a worrying lack of awareness when it comes to savings accounts.

Bruno Genovese, head of savings at first direct, commented: "In the current environment it's worrying to see what little attention people are paying to their savings. It's important for people to review their savings regularly."

He emphasised that in order for people to maximise their savings, they need to choose an account that is best suited to their needs and enables them to make the most of their tax-free allowance.