A study by the Financial Conduct Authority identified that large numbers of consumers are not actively shopping around for savings accounts.

No surprise then that the research showed 48% of all balances held in easy access accounts are in accounts that offer, or have offered in the past, introductory rates.

With interest rates so low at the moment, it’s too easy to fall into the trap of introductory offers when looking at where to save your cash.

Beware of savings accounts that offer headline-grabbing introductory rates that quickly fall away, and make sure you’re not signing up to a product that is being distorted by a bonus period, or one that contains restrictive terms and conditions.

If you have a fixed-rate account, remember that the fixed rate will eventually end, so why not ask if your provider offers you a retention product?

Are they interested in keeping you as a customer, or are they happy to let your savings drop onto a less competitive rate because their only interest is luring in new customers?

I have five top tips for choosing the right savings account and provider.

Firstly, be wary of introductory bonuses that may vanish after a few months – are you really getting the best deal, or just a temporary boost?

Secondly, know the amount you want to save. Many accounts have tiered rates linked to the amount you invest, so check what these are and what happens if you drop below a certain amount.

Be sure to choose an account that is right for you. Go for easy access if you might need the cash or try a notice or even fixed-term account if you can wait a bit longer for your money. The golden rule is to always keep some cash handy for that emergency.

Do your research. Look for a provider that frequently appears in the UK’s major best buy tables so you can benefit by investing with a provider that can offer consistently good value. Be sure to ask them what happens when your account matures.

Finally, remember that the Financial Services Compensation Scheme covers you up to £85,000 per provider. So your investment should be safe.