Dude, what's my rate?

A third of savers do not know the interest rate on their savings account and only 18 per cent know their exact rate.

The Investec Private Bank savings monitor reveals 41 per cent of Brits save on a regular basis, but the amount saved has fallen by 18 per cent over the last six months.

On average people are putting aside £233 a month – down from £284 in July 2007.

A quarter of people save between £201 and £500, and seven per cent saved between £501 and £1,000.

"Our research shows the proportion of people saving on a regular basis has remained unchanged over the past six months. However, it appears people are saving less each month as they tighten their belts," said Linda McBain, head of banking at Investec Private Bank.

"This coupled with the fact a third of savers are unaware of the interest rate they are getting from their bank or building society should be a great cause for concern."

Not being aware of your savings rates means a saver with £25,000 could be losing hundreds of pounds in interest – with the average savings rate being 3.43 per cent, compared with deals over six per cent that are available.

However, Ms McBain warned savers not to look at short-term high rates offered by some banks.

"There are a number of good accounts for savers to choose from, but it is important they look at the promises behind the headline rate," she said. "Some accounts make short-term rate promises while others are based on bonuses."

Across the country Londoners are saving most, on average £303 a month, while those aged 55 to 64 saved £277 a month.