The analysis compared 35 SMSF savings accounts for savings and transactions and found a 2.23 per cent difference in savings rates between the average rate and the highest rate currently on offer.

It found that looking at a one-year period, settling for the average rate of 2.22 per cent per annum instead of opting for the highest rate of 4.45 per cent could cost savers $4,599 in annual interest on a $200,000 SMSF balance.

Furthermore, even opting for the third highest rate of 4.35 per cent rather than settling for the standard could result in SMSF savers losing $4,391 in annual interest.

The study revealed that over five years, securing the best SMSF savings rate in the market adds up to over $26,000 in additional interest when switching from the average on offer, while opting for the fifth highest rate could get SMSF savers with a $200,000 balance an extra $21,353 in interest over five years.

“Many SMSF savers don’t realise that leaving their cash in a low interest account could be costing them tens of thousands of dollars, as when it comes to large SMSF balances, the tiniest difference in rates really adds up,” Wastell said.

“SMSFs are all about taking control of your financial future, and that includes ensuring your money is working as hard for you as it possibly can. When it comes to finding the best savings rates, loyalty does not pay and switching from the average rate to a market-leading rate could give you the leg up to reinvest in your retirement.”

Meanwhile, the latest statistics from AUSIEX show that in March, SMSF direct investors were returning to mining stocks while bank stocks were diminishing in popularity.

The trading data from AUSIEX showed that there was a return to the big miners in the top buys for direct and, to a lesser degree, for advised clients.

Direct investors favoured Fortescue, BHP, Woodside Energy, Mineral Resources and Pilbara Minerals among their top trades last month.

By contrast, the data also showed that advised investors bought more industrials and exchange-traded funds (ETFs). The growing popularity of private credit was also reflected in increased buying activity for Metrics Master Income Trust by advised investors, including self-managed super fund clients.

Direct SMSFs were more diversified than their direct share trading counterparts, but still favoured miners, followed by the big banks.

Furthermore, the statistics revealed that advised SMSFs were much more diversified across a broad range of industrials and listed funds and ETFs, along with a few miners in their top trades.