How can you double your interest rate?

07th March 2014

The savvy savers among you may know of a little trick to get the best returns on the market - spread your money between the top paying current accounts and you could maximise your returns, without switching your current bank account.

High interest current accounts have become the beacon of light for savers as standard savings account rates have plummeted to record lows, leaving many savers languishing in poor paying accounts. If you’re willing to use all the tools in your armoury you can double your interest and still have access to your cash.

Here's how (simply click on the savings providers in the table below to find out more)

ProviderAER
Rate
Accounts
Per Person*
Deposit Per
Account*
Need to Switch
Current Account*
Nationwide BS5%1£2,500No
Clydesdale Bank4%2£3,000No
Santander3%2£20,000No
TSB Bank3%3£5,000No
Bank of Scotland3%3£5,000No
Lloyds3%3£5,000No
Overall Rate3.12%14 AccountsMaximum Balance £93,500

To achieve at least 3% in the current climate in standard savings you need to be happy to lock your money away for 5 years or more, however with a little work upfront you can earn up to 3.12% AER with easy access, compared to 1.50% AER on standard easy access accounts.

Better still that’s 3.12% on up to £93,500 and there is nothing stopping your partner from opening the same number of accounts as well.

*Accounts Per Person - This is the number of accounts the provider will pay the rate of interest on.

*Deposit Per Account - This is the maximum balance that the interest rate will be paid on.

*Need to Switch Current Account - It is not necessary to switch your current account and close your old one to get the interest rates, however there are other conditions.  Click on any of the provider names above to see their conditions.

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