Yorkshire Bank today claims that two people in three have an average of £316.15 left over at the end of the month, which could be saved in a higher-rate account.
In doing so, they are losing money that could be used to repay debts and loans, simply because they are failing to use the right accounts.
“Many of us find ourselves running short of money but sometimes we can be our own worst enemy by not making the most of what we do have,” said Gary Lumby of Yorkshire Bank.
He accused Britons of “frittering away” money, another sign of the poor money management skills which have resulted in the accumulation of £1.2 trillion of debt.
Overall, the bank calculated that Britons are collectively losing out on £1.7 billion each month by not saving in a high-interest account.