How can you double your interest rate?

Author: Susan Hannums
07th März 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)

Per Person*
Deposit Per
Need to Switch
Current Account*
Nationwide BS 5% 1 £2,500 No
Clydesdale Bank 4% 2 £3,000 No
Santander 3% 2 £20,000 No
TSB Bank 3% 3 £5,000 No
Bank of Scotland 3% 3 £5,000 No
Lloyds 3% 3 £5,000 No
Overall Rate 3.12% 14 Accounts Maximum 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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