You may currently have your cash deposit sitting in a bank account that is currently offering very low or almost zero interest. In fact most of the well known high street banks are currently offering almost nothing in terms of interest on most of their accounts.
You only need to browse the websites of the top UK banks to see that most of the current rates excluding and bonus are less than one percent. This is going to get you a very small return on your cash, even cash ISAs offered by the major high street names are offering one or two percent at the best and that is tax free.
If you want to find the high interest bank accounts you will need to search around. The problem is that not many banks offer a consistently high rate. They use a high introductory rate to get your business and before you know it the rate has dropped to the same level as the bank you were with previously.
If you are willing to move your money around from bank to bank then you can benefit from the highest interest rates available. The obvious problem with this is there are not many people who would be willing to keep changing their banks.
If however you are willing to keep moving your money then you will find that the internet only and currently some of the Irish banks offer above average rates of interest. You can make your initial applications online but you will be expected to fill out and send of some forms before the account can be opened in your name. Expect a wait of about a week or two of waiting.
Your next alternative is to lock away some or all of your cash for a longer period. This will means you will attract much higher rates of interest from most high interest bank accounts but you will have to sacrifice access to your money. It may mean you will not be able to get at your money for a minimum of usually one year.
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