The study, by digital bank Chase, found that instant access to money without charges or fees is now the most important aspect for UK adults when choosing a new savings option. More than half (53%) of those surveyed said this is top of mind when looking for a savings account, and four in five (80%) said having flexibility made them feel more confident about their financial situation.

Rapidly growing inflation in the UK led to the Bank of England base rate increasing to 2.25% last month, the highest single rise since 1997. These changes, combined with increasing energy costs and higher mortgage rates, have put significant pressure on household finances in recent months and have led to many consumers cutting back on spending and dipping into their savings in order to cover their everyday costs. Consumers have typically put money into fixed rate bonds to lock away their money for multiple years, as they hunt for more competitive rates at a time when the average rate across the easy access market is below 1%.

UK savers said that easy and flexible access to their savings is a key driver when choosing their savings accounts; almost a third (30%) said they now access their savings more often than they did twelve months ago. More than two in five (45%) UK savers reported that they were unlikely to consider opening a saver account that did not offer flexibility in the next twelve months.

Chase’s research found that after flexibility, securing a competitive interest rate is the second most important feature (47%) when looking for a savings account. However, many savers may be missing out on the best interest rates available; over a quarter (28%) don’t know what interest rate they are currently on, with 17 million UK savers having stayed with the same bank for their savings account for more than 5 years.

As a result of the increased pressure on household finances, the nation’s saving goals are also changing. While 40% of UK savers still have a particular savings goal in mind for 2022, almost two thirds (64%) admitted they had reassessed their target due to the crisis.

Rachel Springall, finance expert for Moneyfacts said: “A flexible savings account is ideal for those who wish to deposit a small amount to start with, then boost the pot again when it suits.

“Having quick access to cash during uncertain times is wise as it could be used to cover unexpected costs at short notice. The attitude of savers could well be changing amid the cost of living crisis, but it’s crucial to have a savings pot as a safety net.”

Shaun Port, managing director for everyday banking at Chase, commented: “Our research indicates that a squeeze on household finances is having a significant impact on how the nation is interacting with their savings, with many likely to be seeking out more flexible options. This includes options that offer the ability to move money to and from accounts when needed.

“The Chase Saver account offers many people the flexibility they need right now. Whether you need to access your funds quickly and without losing your interest rate, or if you have multiple savings goals you’re saving for, the Chase Saver account has been built to be flexible and personal.”