Day 17 of 28 Days Richer
One thing each day that puts money in your pocket and takes 5 minutes or less.
Many big banks only pay 0.5-1% interest, while the best easy-access accounts offer 4-5% or more.
That’s not a small difference.
The Real Numbers
£10,000 earning 0.5% gives you £50 per year.
£10,000 earning 5% gives you £500 per year.
Same money, same effort, £450 difference.
Why Banks Get Away With Low Rates
They’re betting you won’t move because opening a new account feels like hassle.
So you leave your money earning almost nothing while they lend it out at much higher rates.
But opening an account takes five minutes and transferring money takes two more.
Today’s 5-Minute Action
Check what interest rate your current savings account pays by logging into online banking and finding the details.
If it’s below 3%, open a new account with Chase, Chip, Marcus, or another high-rate provider and transfer your savings across.
Up to 3.81% Interest Rates On Easy Access Savings Accounts. Automatically build your wealth using smart AI.
- Award winning mobile app
- Save automatically with AI
- Save loose change with their roundup feature
- Invest in funds and stocks
- Can only link one bank account
- Withdrawals could be quicker
- No personal pension
Easy-Access vs Fixed
Easy-access accounts let you withdraw anytime, and while rates are slightly lower, the flexibility is worth it for most people.
Fixed-term accounts lock your money away for 6-12 months or more with higher rates, but you can’t touch the cash – only use these for money you definitely won’t need.
The Five-Minute Payoff
Seven minutes of work opening an account and transferring money, then £450 extra per year on £10,000, every year, for doing almost nothing.
Even if you only have £1,000 saved, that’s still £45 per year instead of £5, which is definitely worth the effort.
Ready for more 28 Days Richer?
Get back to the rest of the series: Click Here
