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High Interest Accounts - Change to a High Interest Account - The Best High Interest Accounts Online

High Interest Accounts
When considering changing bank accounts, you should look at the high interest accounts which offer you a better rate of return on your cash. Most banks will also offer high interest savings accounts as a further option, but many banks are now offering high interest accounts for your day to day banking.

A high interest bank account gives you more flexibility than a high interest savings account – mainly because you don’t need to transfer money between the savings account and current account before you can access the money. By simply having your money on account you are receiving a high interest rate at all times. Of course, the interest rates will probably not be quite as high as those offered for the savings accounts, however if you need ultimate convenience and do not have the time to go transferring money between bank accounts then a high interest bank account may be the best option for you.

Check the providers to your left to see what offers are currently available from the leading banks – many run special offers, so keep checking the current deals to make sure you get the best high interest account for your requirements.

High Interest Accounts – The Pros and Cons
Initially a high interest bank account will always look tempting to most people. If you can receive a higher rate of interest on your everyday money, such as your wages and general cash coming into your account without needing to assign a percentage of that to a savings account for a rainy day, then most people would think that is a great deal and possibly worth moving bank accounts for. And in many circumstances it would indeed be worth moving banks.

However before moving your bank account over to one of the new special high interest accounts, just make sure you read all the banking small print. Very often the new banking provider may only pay the higher rate of interest if you are depositing an agreed minimum amount each month into the bank account. It may only pay the interest on cash over a certain amount, say for example anything over £10,000. Alternatively it may operate the other way round, only paying the high interest rates on amounts of cash up to a certain figure, after which point they then revert to paying the standard much lower rate of interest on the rest of the balance.

If any of these rules apply to the high interest accounts you are considering opening, make sure you calculate the exact amount of interest you will accrue on the total amount of money you are moving over. If there is an interest rate split, work out how much interest you will make at the higher rate for the allowed amount, then also work out the interest you would make on the rest of your money at the lower rate, and average it out. This will then give you a true indication of whether the higher interest account offer is actually as good as it seems and will make you financially better off, or if the offer is just dressed up to entice you over to open a bank account when in fact you’d probably be in the same situation having earned roughly the same amount of interest after opening the new account and moving away from your existing bank that you may have previously been happy with.

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