Check your savings accounts right now as you could be missing out

With interest rates rising, you should go and check your savings accounts right now and swap them over to higher interest accounts, even if it’s with the same bank.

Let me give you a few real examples from high street banks.

Nationwide – old Regular Savings account paying 0.3% interest. Change it up to a limited access – three withdrawals a year up to 2.10%. If you need instant access, then even moving to the 0.5% Instant Access Saver Issue 11 is better.

Lloyds – The Club Lloyds Monthly Saver is only available to Club Lloyds current account holders and you can earn a whopping 5.25% gross interest. You can save between £25 – £400 every month by one standing order. No restrictions on withdrawals, but you have to have a current account with them. You could always switch to their current account for a £150 incentive up till 14 November.

HSBC’s online bonus saver account gives you a variable interest rate of up to 3.00% AER / 2.96% gross (including bonus interest) for any month you don’t make a withdrawal. That’s up to £10,000 – over that it drops to 0.75% AER / Gross.

Santander just finished a deal for an account that Limited Edition eSaver (on Monday) with 2% up to £250,000. It’s worth asking if they will reintroduce that as their next best is 2.75% but only allowed to pay in £200 a month.

Whatever you decide, check your banks first to see if they can switch you up to a higher interest account. They won’t offer you a better account unless you ask!

Photo by Fabian Blank on Unsplash