Savings: Britons urged to act soon as some interest rates pass 4%

Britons faced a long period when interest rates on savings accounts were low or zero. Photograph: True Images/Alamy

If you are one of the millions of people whose savings are languishing in an account paying little or no interest, it might be time to act because you could be earning 4.25%, or more on your cash.

Earlier this week the Coventry building society warned that Britons have a collective £268bn sitting in easy and instant access accounts paying no interest – an increase of more than £9.6bnon a year ago.