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Can you unlock a better savings rate by switching your current account?
Top-rate savings deals are increasingly linked to being an existing customer
There's been a flurry of enticing savings rates launched over the past few weeks, but you may not be able to easily get them.
Saffron Building Society has launched a market-leading regular savings account offering 8% AER – four times the current rate of inflation – but you need to be a member to open an account.
The deal comes hot on the heels of Nationwide's market-leading 18-month savings bond, paying an impressive 5.5%, which is only available to Nationwide current account, savings account or mortgage holders.
Here, Which? delves into how savings rates that are reserved for existing customers stack up and what effort is required to unlock the better offers.
How many savings deals have opening restrictions?
Our analysis of Moneyfacts data on 3 June 2024 revealed the number of savings accounts with opening restrictions (such as being limited to existing customers or location) varies depending on the type of account.
Regular savings accounts had the largest proportion of deals only available to existing customers or for those that live locally.
The share of accounts with opening restrictions drops off when it comes to instant access, one-year fixed accounts and Isas as well as long-term bonds (lasting over one year). But it's still substantial, as the proportion ranges between 19% and 23% of deals.
Just 5% of long-term fixed Isas (lasting over one year) have opening restrictions.
Are accounts with restrictions competitive?
When we looked at rates, we found a large proportion of these more exclusive accounts offer generous returns.
58% of regular savers and 50% of instant access accounts with opening restrictions offer above-average interest for June.
For fixed bonds, more than a third of one-year and 41% of long-term products with restrictions offer more than the average.
When it comes to Isas with opening restrictions, 48% of instant access deals offer above average rates, falling to 38% for one-year products and 37% for accounts lasting longer.
Can you find better rates elsewhere?
Rates on products for existing customers and in certain geographical locations look attractive, but could you get a better deal with an account that you don't have to jump through so many hoops to open?
The table shows how the top rates on more exclusive accounts compare with the rest of the market, looking at fixed bonds and Isas, as well as instant access and instant access Isas.
| Account type | Account – with opening restrictions | Who qualifies? | AER | Account – no opening restrictions | AER |
|---|---|---|---|---|---|
| One-year fixed bond | ICICI Bank UK SuperSaver Bond | You must hold a current account with ICICI Bank UK | 5% | National Bank of Egypt (UK) Limited 1 Year Fixed Term Deposit (Raisin exclusive)* | 5.22% |
| Long-term fixed bond (more than one year) | Nationwide Building Society 18-month Member Exclusive Bond | You must hold a Nationwide mortgage, savings or current account since 22 May 2024 | 5.5% | Sensible Savings 2-year Fixed Rate Bond | 5.05% |
| Instant access | Ulster Bank Loyalty Saver | You must hold an Ulster Bank current account | 5.2% | Charter Savings Bank Easy Access | 4.93% |
| Regular savings | Saffron Building Society Members Month Loyalty Saver | You must hold a Saffron Building Society mortgage, savings or current account on or before 1 June 2023 | 8% | Nationwide Building Society Flex Regular Saver | 6.5% |
| One-year Isa | Virgin Money 1 Year Fixed Rate Cash ISA Exclusive | You must hold a current account with Virgin Money, Clydesdale Bank or Yorkshire Bank opened on or after 4 December 2019 | 5.05% | Punjab National Bank (International) Limited Fixed Rate Cash ISA | 4.8% |
| Long-term Isa (more than one year) | Cynergy Bank 2-year Loyalty Fixed Rate Cash ISA | You must hold a savings or current account with Cynergy Bank | 4.41% | State Bank of India 2 Year Cash ISA Fixed Deposit | 4.65% |
| Instant access Isa | Monzo Bank Easy Access ISA Savings Pot (powered by Charter) | You must hold a Monzo current account | 4.77% | Chip Chip Cash ISA (powered by ClearBank) | 5.1% |
Source: Moneyfacts. Correct as of 3 June 2024 but rates are subject to change. *Deals marked (Raisin exclusive) are exclusively available through Raisin UK, which is a savings platform. Raisin offers savings accounts from a range of smaller or lesser-known banks and building societies. You'll deposit your money and manage your account through Raisin, rather than dealing directly with the provider. Deposits with all providers are protected by the Financial Services Compensation Scheme (FSCS), with the exception of deposits with AgriBank and HoistSavings, which are protected by the Maltese and Swedish deposit protection schemes, respectively. You can find out more about Raisin in our guide to savings platforms.
The best returns for long-term fixed bonds, instant access savings accounts, regular savings and one-year Isas are with deals that require you to be an existing customer to open. The difference in interest is also significant in some cases.
Saffron Building Society's regular saver, for example, is 1.5 percentage points higher than the best restriction-free equivalent from Nationwide. If you were to save the maximum £50 a month into Saffron's account, the total amount after a year will be £626, compared to £621 if you made the same monthly deposits with Nationwide. That's assuming no withdrawals are made during the 12-month period.
Loyalty doesn't pay, however, with long-term Isas, instant access Isas and one-year fixed bonds. We found better deals on offer from accounts without opening restrictions.
- Find out more: best savings accounts – find the latest market-leading rates in our guide, updated weekly
How easy is it to unlock exclusive rates?
To take advantage of better exclusive rates you'll need to already be a customer with the provider.
That usually means having a current account, but you may also be eligible if you have another financial product such as a mortgage, savings deal or investment account.
However, you should watch out for stricter restrictions that might catch you out if you're thinking of switching or opening a new account just to unlock a good rate.
To get the 8% rate with Saffron Building Society's regular saver, for example, you must have had a mortgage, savings or current account for at least a year.
Meanwhile, Nationwide requires you to have been a member since 22 May 2024 to access its market leading 18-month bond, ruling out anyone that might try to become a customer of the building society just to get the deal.
- Find out more: how to switch your bank account
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