Urgent warning for anyone with £7,800 sitting in their current bank account

Millions of Brits could be squandering the chance to earn up to £1,200 in savings interest - as cash remains untouched in "dormant" accounts.

28 per cent of adults keep their earnings in current accounts that pay no interest, according to new findings from the Building Societies Association (BSA).

In contrast, MoneyFactsCompare reveals there are 24 interest-paying contenders, with Cahoot's easy-access savings account leading the pack offering a lucrative 4.85% interest on a mere £1 minimum deposit, an opportunity golden agers appear to be missing.

Owing to this oversight, older savers stand to lose about £1,255 in interest each year, provided they have an average stash of £25,000 and neglect to secure it in one of those top easy-access accounts, the BSA warns.

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Meanwhile, the younger lot, namely the 18-24 year olds with an average kitty of roughly £7,800, might forfeit £389 annually. Chiming in on the findings, Andrew Gall, head honcho of savings and economics at the BSA, shared his two pence earlier this week: "It's sad to see that so many people who have successfully managed to build a savings pot are missing out on several hundred pounds of interest a year."

Consequently, with a mind-boggling £250 billion languishing in zero-interest vaults, Andrew emphasised, "This additional money could make a big difference to how people enjoy their savings, providing them with greater financial resilience and helping them to reach their goals sooner," reports Birmingham Live.

"UK Savings Week is all about encouraging good savings habits. That's not just about a good habit of putting money aside on a regular basis, it's also regularly making sure they are working as hard as possible for you."

Those in the age bracket of 18 to 24 are seemingly missing out on nearly £400 (£382) of free cash. Moreover, research indicates that this figure more than doubles to above £800 (£822) for individuals aged 25 to 35.