People are being urged to check their savings accounts by Money Saving Expert Martin Lewis.
The warning comes as the Financial Conduct Authority (FCA) has announced new plans which could see all banks required to set a single easy access rate (SEAR) across all easy access savings accounts, reports the Manchester Evening News .
Appearing on ITV's Good Morning Britain, Martin explained how the new rules could impact people.
He said: "There are lots of people sitting on antiquated savings accounts that pay spit-worthily low rates, down to 0.1%.
"After you’ve had an easy access savings account for a year, everybody in future will have to be moved onto a SEAR.
"That rate could still be pants, but it will be one rate and it will be easier for people to find out their rate.
"There are some interesting consequences. First of all, they have said that they do expect the top rates for savers to come down a little bit, but for the bottom rates to go up.
"So that’s somewhat worrying for people who actively move their savings.
"We do have some accounts where the rate stays good for more than a year, which won’t now.”
He continued: "It will be a pants rate, but it will be an exposed pants rate.
"I think it's positive for all the people who never look after their savings and just leave them sitting somewhere and negative for people who are always on top of their savings and look after them."
