Savings Rate Switch Calculator
See exactly what the "loyalty penalty" on your savings account is costing you, and what switching to a best-buy rate is worth this year and over 5 years.
Estimate only. Estimate only, rates change frequently and this isn't financial advice. Always check the current rate and terms directly with your provider before switching.
Enter your balance and rates
Your annual and 5-year gain from switching, plus a Personal Savings Allowance tax note, appear here as you type.
Why switching is usually worth doing
Many easy-access savings accounts pay a competitive rate for the first 12 months and then quietly drop to a much lower "standard variable rate" once the introductory period ends, the loyalty penalty the FCA has repeatedly flagged in the cash savings market. Because switching typically takes only a few minutes online (open the new account, then transfer the balance), the annual gain shown above is often described as a "five-minute win": moving £10,000 from a 1.2% back-book rate to a 4.6% best-buy rate is worth £340 in the first year alone, and considerably more once that gain compounds over several years. The Personal Savings Allowance (PSA) lets basic-rate taxpayers earn £1,000 of savings interest a year tax-free (£500 for higher-rate, £0 for additional-rate), worth checking before you switch a very large balance, since a much higher rate can push you over your allowance.
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