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.
That's roughly what a five-minute online switch could be worth this year alone.
5-year compounded difference
Staying vs. switching, with interest left to compound each year.
- Balance after 5 years (current rate)
- £10,615
- Balance after 5 years (best-buy rate)
- £12,522
- 5-year compounded difference
- £1,907
Personal Savings Allowance tax note
At the best-buy rate, here's how much interest would exceed your Personal Savings Allowance (PSA) and the tax due, if this allowance isn't already used up elsewhere.
- Basic-rate taxpayer (£1,000 PSA)
- Interest above your PSA
- £0
- Tax due
- £0
- Higher-rate taxpayer (£500 PSA)
- Interest above your PSA
- £0
- Tax due
- £0
Fully within your Personal Savings Allowance — no tax due.
Fully within your Personal Savings Allowance — no tax due.
Keep more of your interest
- Loyalty is rarely rewarded on savings — providers routinely offer far better rates to new customers than to existing ones on the same "easy-access" product.
- Set a reminder to check your rate every 6–12 months, or as soon as an introductory bonus rate is due to expire.
- Only move money to FSCS-protected UK banks and building societies, and keep an eye on the £120,000 protection limit per institution (see our FSCS Protection Calculator).
Assumes the balance stays constant (no further deposits or withdrawals) and that both rates stay fixed for the period shown — real variable rates can change at any time.
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.