So what is the highest savings rate your bank offers?

Big banks are now offering existing customers much better savings rates. It only takes a few minutes to get them.

With over £600bn in checking accounts and easy access accounts with payments of less than 0.5%, banks can easily raise interest rates.

Unlike opening an account at a new bank, the bank already has the essential information you need as an existing customer, so you probably don’t need to do an identity check.

Better interest rates: With over £600bn in checking accounts and easily accessible accounts with payments of less than 0.5%, banks can easily raise interest rates.

Please note that most banks have limits on how much you can inject at the highest rate.

Here are the best offers…

HSBC

The HSBC Online Bonus Saver pays out 3% up to £10,000, while the Flexible Saver is only 0.65% (which rises to 0.9% tomorrow). The 3% account is open to checking or savings account holders.

You only earn 3% on non-withdrawal months. Whatever you do, you will earn 0.9 percent.

Transfer £10,000 to the Online Bonus Saver and earn up to £300 in interest all year long. Only £90 on Flexible Saver.

We also have a regular savings plan of 5% on deposits of £25-250 per month. A regular Saver deposit of £250 per month will pay you £81.25 interest annually.

barclays

It’s Rainy Day Saver pays 5.12% up to £5,000, giving you easy access to your money. If you exceed this level, you will earn 0.5%.

Any Blue Rewards member can open an account. This costs £5 per month and requires online banking.

The £10,000 interest here is £215 a year minus current account fees, which is £165 more than depositing at Barclays Everyday Saver at 0.5%.

You can recoup your fees by making two direct debits from your checking account each month.

Barclays also has a 1-year fixed-rate cash Isa at 4% Best Buy, open to everyone and ready to send money. This Isa allows you to withdraw up to 10% of the total pot three times a year.

Deposit Limits: Most banks have limits on how much you can deposit at the highest rate.

Halifax

The Halifax Reward Bonus Saver pays out 2.55% to current Halifax Reward or Ultimate Reward account holders. This costs £3 per month, but is free if you spend over £1,500 per month.

Transferring £10,000 from 0.55% Everyday Saver earns you £200 additional interest annually. It shows £255 instead of £55.

However, the better accounts have limitations. You can only make a maximum of 3 withdrawals per year. Even if you earn more than that, you will only earn 0.35%.

After a year, you will need to transfer money as it will change to an Instant Saver account that pays 0.55%.

This bank offers a similar deal with the Isa Saver Bonus Reward. His one-year subscription saver is between £25 and £250 a month where he pays 4.5% and is available to everyone.

virgin money

M Plus checking account holders can take advantage of a Virgin Money savings account at 2.52%. This is her £252 interest on £10,000 versus its £25 on Everyday Saver at 0.25%.

The bank also has the highest one-year fixed rate cash Isa with 4.25% of Virgin Money, Clydesdale and Yorkshire Bank checking account holders and 3% of easily accessible Isa.

This means that the Fixed Rate Isa will cost £425 and the Easy Access will cost £300.

Club Royce

Club Lloyds members earn 2.25% in Advantage Saver.

Withdrawals from this easy-to-access account are limited to three times a year. If you take more than that, the rate drops to 0.3%. Club Lloyds costs £3 per month but is free when you spend £1,500 or more per month.

£10,000 shows £225, £175 more than the regular Easy Saver or Standard Saver which pays 0.5%.

You also pay 5.25% of Club Lloyds Monthly Saver for between £25 and £400 per month or 4.5% of standard Monthly Saver for other current account holders.

Bank of Scotland Vantage checking account holders also get Advantage Saver of 2.25% and Monthly Saver of 4.5%.

Convenience: Existing customers probably don’t need an identity check because they already have the critical information the bank requires.

Whole country

Fee-free Flexaccount holders get Nationwide’s Flex Instant Saver 2 at 2.25%.

The building association’s regular and easily accessible accounts have a maximum rate of 0.75% up to £10,000 and 0.8% above £10,000.

Transfer £10,000 to Flex Instant Saver 2 and accrue £145 additional interest.

Santander

People with new Edge checking accounts can receive 4% on balances up to £4,000. There is a £3 monthly charge for this account.

Earn up to £124 in interest annually. That’s just £22 if you leave it in your Everyday Saver account.

NatWest/RBS

With NatWest and RBS Digital Saver, which pay 5.12%, you can only deposit up to £150 a month. You can keep saving and earn this rate until you reach £5,000.

Depositing £150 a month from your current account will earn you £49.70 interest annually.

If you leave this £1,800 in an easily accessible bank account, you will only earn interest up to £11.70.

sy.morris@dailymail.co.uk