Nationwide, Lloyds, Santander, and NatWest customers can boost their bank balances by £275

Customers of the UK's major banks have been enlightened with a straightforward strategy to potentially add hundreds of pounds to their bank accounts, as money specialists highlight that millions are foregoing additional income by keeping their savings in low-interest accounts.

Savvy Brits could fetch considerably higher interest rates up to 5% from various banks with just a bit of research instead of settling for meagre returns between 1% and 2%.

This conservative approach could see them missing out on an average gain of £275 annually based on an estimated standard savings account balance of £8,000.

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By sticking with underperforming accounts, savers are leaving money on the table sometimes much more than the average, reports Birmingham Live.

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According to experts at finder.com, a remarkable 25% of people are oblivious to the interest rate they're receiving, suggesting they might be unknowingly compromising their financial growth potential.

Liz Edwards, a finance guru from finder.com, observed: "Since the Bank of England lowered the base rate at the beginning of August, we have spotted that half of the UK's 16 major banks have already brought down the rates on their easy-access savings account products."

"Previous research conducted by Finder revealed that a quarter of those with easy-access bank accounts don't know what their current interest rate is, despite holding an average of £7,784 in these accounts. I urge anyone who holds this type of account (low interest) to research and move their money before the rate drops even further. There are many accounts which can offer significantly more."