So what’s the best savings rate YOUR bank offers?

Big banks are now offering far better savings rates to existing customers – and it can take just minutes to get them.

With more than £600 billion parked in current accounts and easy-access accounts paying less than 0.5 per cent, you can easily get an interest boost with your bank.

Unlike when you open an account at a new bank, you probably won’t need to go through ID checks because, as an existing customer, the bank already holds the vital information on you it needs.

Note that most of the banks have limits on how much money you can pour in at the top rate.

Here are the best offers…

HSBC

HSBC Online Bonus Saver pays 3 per cent on up to £10,000, against just 0.65 per cent on its Flexible Saver (this is rising to 0.9 per cent tomorrow). The 3 per cent account is open to its current account or savings account holders.

You only earn the 3 per cent in the months you don’t make any withdrawals. In those you do, you’ll earn 0.9 per cent.

By moving £10,000 into the Online Bonus Saver you can earn up to £300 interest over the course of the year, in contrast to just £90 if left in the Flexible Saver.

It also has a regular savings plan at 5 per cent on deposits of £25 to £250 a month. A £250 monthly deposit in the regular saver will pay you £81.25 interest over the year.

Barclays

It’s Rainy Day Saver pays 5.12 per cent on up to £5,000 and gives you easy access to your money. Over this level you earn 0.5 per cent.

You can open an account if you are a Blue Rewards member — this comes with a £5 monthly fee and requires online banking.

Interest on £10,000 here is £215 over the year, minus the current account fee, or £165 more than leaving it in Barclays Everyday Saver at 0.5 per cent.

You can get the fee back by paying two direct debits from your current account each month.

Barclays also has a best buy, one-year fixed-rate cash Isa at 4 per cent, open to anyone and allows transfers in — £10,000 here means £400 interest. This Isa also allows three withdrawals over the year, up to 10 per cent of the total pot.

Halifax

Halifax Reward Bonus Saver pays 2.55 per cent to its Halifax Reward or Ultimate Reward current account holders. This costs £3 per month, but is free if you pay in more than £1,500 per month.

If you move £10,000 out of its Everyday Saver at 0.55 per cent, you will earn £200 extra interest in a year. You’ll see £255 rather than £55.

But the better account comes with restrictions — you can only make a maximum of three withdrawals a year. Make any more and you only earn 0.35 per cent.

After a year, you need to move your money as it then changes to an Instant Saver account, which pays 0.55 per cent. 

The bank offers a similar deal on its Isa Saver Bonus Reward. Its one-year Regular Saver pays 4.5 per cent on between £25 and £250 a month and is open to all.

Virgin Money

M Plus current account holders can make use of Virgin Money’s savings account at 2.52 per cent. That’s £252 interest on £10,000 versus £25 in its Everyday Saver at 0.25 per cent.

The bank also has the best one-year fixed-rate cash Isa at 4.25 per cent for its Virgin Money, Clydesdale and Yorkshire Bank current account holders and 3 per cent on an easy-access Isa. 

That would mean £425 interest on its fixed-rate Isa, and £300 on its easy-access.

Club Lloyds

Club Lloyds members can get 2.25 per cent with its Advantage Saver.

You are limited to making up to three withdrawals a year from this easy-access account. If you take out more, the rate drops to 0.3 per cent. Club Lloyds costs £3 per month, but is free if you pay in more than £1,500 per month.

You’ll see £225 on £10,000, £175 more than leaving it in its normal Easy Saver or Standard Saver which pay 0.5 per cent.

It also pays 5.25 per cent on its Club Lloyds Monthly Saver on £25 to £400 a month, or 4.5 per cent on its standard Monthly Saver for other current account holders.

Bank of Scotland Vantage current account holders can also get the 2.25 per cent Advantage Saver, along with a Monthly Saver at 4.5 per cent.

Nationwide

For fee-free Flexaccount holders, Nationwide has the Flex Instant Saver 2 at 2.25 per cent.

In an ordinary easy-access account with the building society, the best rate is 0.75 per cent on up to £10,000 and 0.8 per cent on £10,000.

You’ll make £145 extra interest by moving £10,000 into the Flex Instant Saver 2.

Santander

Those with its new Edge current account can get 4 per cent on balances up to £4,000. This account comes with a £3 monthly fee.

You’ll earn £124 interest over a year on the top amount. This compares with just £22 if you leave it in its Everyday Saver account.

Natwest/RBS

With the NatWest and RBS Digital Saver, which pay 5.12 per cent, you can only deposit a maximum of £150 a month. You can carry on saving and earn this rate until you reach the £5,000 mark.

If you put in £150 a month from your current account, you’ll earn £49.70 interest in the year.

If you leave that £1,800 saved over the year in the banks’ easy-access account, your interest will only add up to £11.70.

[email protected]