- 05
- May
- 08
If you opened a savings account a few months ago, the savings rate you are now getting has probably been reduced by your bank.
However, the exact same saving account is probably advertised to new customers with the higher rate that you were paid when you first opened the account.
Most people are unaware that this has happened as they do not regularly check what interest rate they are being paid by their bank on their savings accounts.
Also, the bank will not send you a letter to tell you that your rate has reduced as they stand to profit by paying you the cheaper rate.
But, if you research the interest rate you are being paid plus the interest rate being offered to new customers on exactly the same type of account and then ring up the bank to ask to be paid the higher rate, they are likely to give it to you to stop you taking your business elsewhere.
Failing that, you can compare high interest savings accounts to see which account will offer you the best interest rates.
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