Around 20 million savers in the UK don't know what interest their savings are earning according to new research from Bank of Scotland.

The research, undertaken by NOP, revealed nearly 75 per cent of savers have no idea what rate of interest they are being paid on some or all of their savings.

Many savers are also not bothering to check whether they can actually get a better rate of return with only 40 per cent of people having checked their account in the last year. Savers aged over 45 are more likely to regularly check the rates of interest on their savings, whilst savers aged under 34 are least likely to check their savings. And they are missing out on millions of pounds in interest because of it. A saver with £5000 in a low interest bearing account could gain over £200 per year in extra interest simply by moving their money to a more suitable account.

Almost two thirds of those people questioned would be likely to take part in a savings review if their bank or building society offered the facility.

Commenting, Nigel Payne, Head of Savings at the Bank of Scotland said: Around 20 million savers are missing out on millions of pounds. Unfortunately most savings providers don't help their customers review their savings, but for the sake of a few minutes these people could literally earn themselves hundreds of pounds more. It's as simple as walking into your bank and asking - can you make my savings earn more?"