Earn more interest on easy-access savings pots: We reveal the best and worst rates at YOUR high street bank

When it comes to savings rates, the big banks are being put to shame by smaller competitors.

While there are some banks offering easy-access savings rates of around 4.5 per cent, some of the big names continue to offer little more than 1 per cent. Check out the best easy-access deals here.

The gap between the best and worst rates has become so wide of late that recently both the Government and FCA have been trying to put pressure on the worst culprits to pay their savers fairly.

However, while pressure can be piled on the banks, ultimately the onus is on those being ripped to do something about it. 

Rip off: Many of the High Street banks continue to offer standard easy-access savings rates paying little more than 1 per cent.

Many Britons continue to remain loyal to the major brands despite being royally ripped off.

Whether it be down to trust, inertia or convenience, lots of people prefer to keep their savings with the same provider they bank with. 

But getting a better rate doesn’t mean they’ll have to necessarily abandon their trusted bank altogether. 

Whilst many of the major providers offer standard easy-access savings rates that are five or six times lower than the best rates on the market, some also offer savings deals that are much more competitive. 

For those who are determined to stay loyal to their bank, they should at least consider moving their savings to the best rate possible on offer.

Getting that improved rate might mean following some extra rules, for example not withdrawing money more than three or four times per year, or paying a monthly fee of a few pounds. 

But not all of the accounts listed below have these kind of restrictions, and for some people the rules might be fairly easy to keep to without changing their normal spending and saving patterns. 

We ran the rule over the best – and worst – ‘rainy day’ savings deals on offer at the six of the biggest high street banks, which can often be obtained with a few clicks of a mouse or a short phone call…

Halifax

Standard rate:

Halifax’s Everyday Saver: 1.65 per cent

How you could do better: 

Reward Bonus Saver: 4.2 per cent

If you’re sticking with Halifax then there are plenty of savings accounts that will pay much more than its standard easy-access rate of 1.65 per cent. 

If you have a Reward current account with the bank or its Ultimate Reward account, it means you can apply for a Reward Bonus Saver.

This account pays a much higher 4.2 per cent and can be opened with just £1.

The only catch is that, unlike the lower-paying accounts, if you make four or more withdrawals in a year your rate will fall all the way down to 1.05 per cent.

If you think you can handle that limitation, then this should be a no-brainer. Putting £10,000 in the Reward Bonus Saver will earn £420 over the course of one year, rather than just £165 in the standard Everyday Saver.

It’s worth noting that after 12 months the Reward account will change to an Instant Saver.

VIP: Halifax offers higher savings rates to its Reward Current Account or Ultimate Reward Current Account.

Lloyds Bank

Standard rate:

Easy Saver – 1.1 per cent

How you could do better:

Club Lloyds Advantage Saver – 4 per cent

Halifax’s Easy Saver pays 1.1 per cent on balances up to £25k and then 1.35 per cent on balances between £25k and £100k. 

On £10k, someone using this account could expect to earn £110 over the course of the year. 

However, someone keeping £10k in the Club Lloyds Advantage Saver could earn £400 interest after one year.

The caveat here is that the higher paying deal is only available to Club Lloyds current account holders.

While, the Club Lloyds bank account comes with a £3 monthly charge it also waives that charge if you pay £2,000 into the account each month. So ultimately it may cost you nothing to have this account.

Unlike the Easy Saver, it doesn’t allow for unlimited withdrawals either. As long as you make up to three withdrawals per year you’ll remain on the higher rate.

If you make four or more withdrawals, your rate will plummet to 1 per cent.

It’s worth pointing out that you can have up to five Club Lloyds Advantage Saver accounts, which could be a good way to get around the withdrawal restrictions.

After 12 months the account will revert back to a standard saver paying 0.5 per cent. So you’ll need to once again review your options.

After 12 months, the Club Lloyds Advantage Saver will change to a Standard Saver, which pays 1.1 per cent.

Better deals: Club Lloyds members get access to exclusive savings rates that pay more than what other customers can get.

HSBC

Standard rates:  

Flexible Saver: 1.75 per cent

Premier Savings: 2 per cent

How you could do better: 

HSBC Online Bonus Saver: 4 per cent

HSBC’s Online Bonus Saver is an easy-access deal paying 4 per cent on balances up to £10,000, exclusive to HSBC banking customers.

On any cash held over the £50,000 cap, the rate drops to 1.75 per cent.

The drawback is that the 4 per cent rate only applies for any month in which no withdrawals are made. During a month in which a withdrawal is made or the account is closed, savers will only earn 1.75 per cent for the specific month.

However, that’s the same as what you’d be earning on HSBC’s standard Flexible Saver.

That said, savers who sign up would be wise to treat this account as their emergency fund, rather than everyday savings they can dip in and out of.

HSBC’s Online Bonus Saver is essentially an easy-access deal paying 4 per cent on balances up to £50,000.

Barclays

Standard rate: 

Everyday Saver: 1.51 per cent

How you could do better: 

Rainy Day Saver – 5.12 per cent

Barclays Everyday saver pays just 1.51 per cent on balances up to £10k. On anything above that amount, the rate drops to 1 per cent. 

Barclays banking customers who sign up to its Blue Rewards scheme will be able to benefit from an exclusive easy-access savings deal paying more than 5 per cent interest.

The Barclays Rainy Day Saver account pays 5.12 per cent on balances up to £5,000. That could equate to £256 in interest after one year.

The same amount of money left in the Everyday Saver will only earn £75.50.

However, it’s worth pointing out that cash held above the £5,000 cap will only earn 1 per cent.

The drawback is that savers will need to pay £5 a month to become a Blue Rewards member. However, that does come with other advantages such as £5 monthly cashback for simply having two direct debits paid out of the bank account, so the monthly cost can be effectively offset. 

Good deal: The Barclays Rainy Day Saver account pays 5.12 per cent interest on balances up to £5,000. That could equate to more than £250 in interest after one year

Nationwide Building Society

Standard rates: 

Instant Access Saver: 2.15 per cent

How you could do better:

One-year Triple Access Online Saver: 3.3 per cent

Flex Instant Saver: 3 per cent

Nationwide’s Instant Access Saver pays 2.15 per cent on balxcnes up to £10k, it pays 2.2 per cent on balances between £10,000 and £49,999 and 2.25 per cent thereafter. 

Nationwide’s Flex Instant Saver is aimed at its current account holders who want instant access to their money, and offers a rate of 3 per cent. It allows unlimited withdrawals.

You will need to open and manage your account online using its internet banking service or banking app. 

After 12 months, your money will be moved to another instant access savings account with a lower interest rate, so you’ll need to review your options at that time.

As for the Triple Access savings accounts, these allow you to make up to three withdrawals during the 12-month term of this account in exchange for a slightly higher rate.

Those who withdraw money more than three times will see their rate drop to 1.35 per cent. 

It’s also worth pointing out that you don’t need to be a Nationwide banking customer to benefit from the Triple Access deals. 

Boost your rate: Nationwide savers can earn more interest by moving their cash out of its Instant Access Saver to another one of its accounts

Santander

Standard rate: 

Easy Access Saver: 2.5 per cent

How you could do better: 

Santander Edge saver: 4 per cent

Santander’s standard Easy Access Saver is the best of the big banks. Although it falls a long way short of the best buy deals it is at least not far off the average rate.

Even so, it might make sense for some Santander savers to move to the Satnader Edge Saver. 

Santander’s linked savings deal is offering customers who hold either the Santander Edge or Edge Up current account, 4 per cent interest on balances up to £4,000. No interest is paid on balances above that level.​

Someone maintaining the maximum balance in this account will earn £162 over the course of a year.

If they instead held £4,000 in the Easy Access Saver, they would earn £100 of interest.

It’s worth noting that the 4 per cent interest rate includes a 0.5 per cent bonus rate for the first 12 months after opening – so after a year the rate will be 3.5 per cent. 

The Edge current account does come with a £3 monthly charge, although it should be easy enough to make this back. The account also offers cashback of up to £20 per month on both debit card spending and direct debits.

There is 1 per cent cashback on essential grocery shopping and transport-based debit card spending. This is capped at £10 a month.

There is a further 1 per cent cashback on household bills paid via direct debit covering council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages. Once again, this is capped at £10 a month.

Edging it: Santander’s linked savings deal is offering customers who hold a Santander Edge current account 4 per cent interest on balances up to £4,000

NatWest

Standard rate: 

Flexible Saver: 1.41 per cent

How you could do better: 

Digital Regular Saver – 6.17 per cent

Fixed rate Isa: 5.7 per cent – 5.9 per cent

NatWest customers unfortunately don’t have an easy-access alternative to the Flexible Saver. However, the bank does some offer some great alternative deals that might be worth considering. 

Most notably it offers two of the best cash Isa deals on the market. Its one-year fixed rate cash Isa pays 5.7 per cent and its two-year option pays 5.9 per cent.

Someone putting £10,000 in NatWest’s one-year deal will earn £570 of tax-free interest over 12 months. Those opting for its two-year cash Isa will earn £1,180 over the two year period.

Moreover, unlike the taxable fixed rate deals that won’t allow withdrawals, cash Isa fixed rates offer a little more flexibility.

NatWest, for example, allows savers to close their account early and withdraw their funds subject to the loss of 90 days of interest.

Popular: NatWest says over 840,000 people currently use its 6.17 per cent regular savings account to save between £1 and £150 each month

NatWest also offers one of the best regular savings deals for those looking to kickstart a savings habit.

It says over 840,000 people currently use this account to save between £1 and £150 each month.

It allows for unlimited access and doesn’t restrict savers to a 12 month term like many of the other regular savings deals do. 

However, this also means that NatWest can tinker with the rate as and when it likes.

NatWest pays the 6.17 per cent rate on balances up to £5,000, although above that level the rate drops to 1.41 per cent. 

Someone depositing £150 each month for 12 months will earn £59.83 in interest after one year.