Finding a high interest bank account can seem like trying to find a needle in a haystack. Many banks hide their true interest rates behind jargon and terms the no one understands but the banks.
One method they use to make you think you are getting a good deal is to use introductory bonus rates. These are usually only offered to new customers who do not currently have an account with the bank. They can offer some quite enticing bonuses that can increase your potential interest earnings on your cash deposits by as much as five times most current accounts.
Unfortunately you will find in many cases that these tempting introductory bonuses are only available to new customer who do not already have a bank account with them. There is no need to entice their existing customer base as they already have them where they want them. That is with their money in low interest accounts, that is how the banks like it as it means more profits for them.
Why be loyal to your bank when they clearly are not out to help their existing customers. By all means keep your current account as this will help you transfer and get access to the money you deposit in high interest bank account saving schemes. Many of the best offer are internet only to you will need a current account to transfer money to and from your high interest bank account.
One last thing to remember. If you go into your local branch and ask if there are any other accounts you could switch to so you get more interest they may offer you a paid account. This is where you pay them a monthly fee for a so called premium account, be wary as they tend not to be of benefit to most customers and are generally seen as just a way for the bank to increase their profits.
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