Brits looking to transfer their rainy day fund or open up a new savings account are being urged to consider their circumstances and debt management plans before doing so.
Consumers are faced with many choices, from instant access accounts with lower rates, to fixed-rate offerings that lock money away for a set period.
They must pick the one that is better-suited to their individual needs, advises Sharon Bratley, chartered financial planner at Fairinvestment.co.uk.
"The problem facing savers is the fact that interest rates have bottomed out at 0.5 per cent, but no one knows just when interest rates will start to rise again," she comments.
Savings accounts allowing instant access generally offer rates well below those where money is tied in to an account for a certain time.
People must compare a number of options and take into account their debt management plans before making a final decision, Ms Bratley concludes.
Earlier this year, Fairinvestment.co.uk revealed that nearly half of Brits have had to dip in to their savings accounts and around a third have changed the way they save.