Almost £15bn held in Welsh savings and current accounts earns little interest, according to new data from Principality Building Society.

Their recent analysis of CACI data reveals that nearly 40 per cent of the £38bn held across Wales is stuck in these same accounts, yielding just 1 per cent or less.

The average amount stashed in these accounts is £7,337 which, with a more competitive interest rate of 5 per cent, could return an extra £293 annually for every saver.

This comes as the Bank of England hailed a 16-year high, maintaining interest rates at 5.25 per cent following 14 hikes.

Despite available accounts offering returns as high as 6 per cent, vast amounts remain in low-interest rate options.

Chief customer officer at Principality Building Society, Vicky Wales, said: "We strongly urge savers across Wales to compare their current returns with other available rates on the market.

"As a customer, doing your research and shopping around can now significantly impact the return on your savings."

Principality Building Society encourages all Welsh residents to investigate better options, offering interest rates between 3.5 and 6 per cent for both new and existing customers.