So what’s the best savings rate YOUR bank offers?

Major banks are now offering much better savings rates to existing customers – and it can take just minutes to get them.

With over £600bn parked in checking accounts and easily accessible accounts paying less than 0.5 per cent, it’s easy to get an interest rate hike from your bank.

Unlike when you open an account with a new bank, you probably won’t need to do ID checks because as an existing customer, the bank already has the vital information it needs.

Keep in mind that most banks have limits on how much money you can deposit at the top rate.

These are the best deals…

HSBC

HSBC Online Bonus Saver pays 3 per cent up to £10,000, versus just 0.65 per cent on its Flexible Saver (which will rise to 0.9 per cent tomorrow). The 3 percent account is open to holders of a current or savings account.

You only earn the 3 percent in the months that you do not withdraw money. If you do, you’ll earn 0.9 percent.

By moving £10,000 into the Online Bonus Saver you can earn up to £300 in interest over the course of the year, as opposed to just £90 if you stay in the Flexible Saver.

It also has a regular 5 per cent savings plan on deposits of £25 to £250 per month. A monthly deposit of £250 to the regular saver will earn you £81.25 in interest over the year.

Barclays

It’s Rainy Day Saver pays 5.12 per cent on up to £5,000 and gives you easy access to your money. You earn 0.5 percent over this level.

You can open an account if you are a Blue Rewards member – this comes with a £5 monthly fee and requires online banking.

The interest on £10,000 here is £215 for the year, minus the overdraft fees, or £165 more than leaving it in Barclays Everyday Saver at 0.5 per cent.

You can get the reimbursement back by debiting your current account twice a month.

Barclays also has a best buy, one-year cash Isa with a fixed interest rate of 4 per cent, open to all and allowing transfers in – £10,000 means £400 interest here. This Isa also allows three withdrawals per year, up to 10 percent of the total pot.

Halifax

Halifax Reward Bonus Saver pays 2.55 percent to its Halifax Reward or Ultimate Reward account holders. This costs £3 per month, but is free if you pay more than £1,500 per month.

If you take £10,000 out of the Everyday Saver at 0.55 per cent, you’ll earn an extra £200 in interest in a year. You will see £255 instead of £55.

But the better account has limitations – you can make up to three withdrawals per year. Earn more and you’ll only earn 0.35 percent.

After a year, you’ll need to move your money, as it then turns into an Instant Saver account, which pays 0.55 percent.

The bank is offering a similar deal for its Isa Saver Bonus Reward. The one-year Regular Saver pays 4.5 per cent between £25 and £250 per month and is open to all.

Virgin money

M Plus checking account holders can use Virgin Money’s savings account at 2.52 percent. That’s £252 interest on £10,000 versus £25 in the Everyday Saver at 0.25 per cent.

The bank also has the best one-year fixed rate cash Isa at 4.25 percent for Virgin Money, Clydesdale and Yorkshire Bank account holders and 3 percent for an easily accessible Isa.

That would mean £425 interest on his fixed rate Isa, and £300 on his easy access.

Club Lloyd’s

Club Lloyds members can get 2.25 percent with the Advantage Saver.

You are limited to a maximum of three withdrawals per year from this easily accessible account. If you purchase more, the rate drops to 0.3 percent. Club Lloyds costs £3 a month but is free if you pay over £1,500 a month.

You’ll see £225 on £10,000, £175 more than leaving it in the regular Easy Saver or Standard Saver, which pay 0.5 per cent.

It also pays 5.25 per cent on its Club Lloyds Monthly Saver for £25 to £400 per month, or 4.5 per cent on its standard Monthly Saver for other current account holders.

Bank of Scotland Vantage current account holders can also get the 2.25 percent Advantage Saver, along with a 4.5 percent monthly saver.

Rural

For free Flex account holders, Nationwide has the Flex Instant Saver 2 at 2.25 percent.

In an ordinary easily accessible mortgage bank account, the best rate is 0.75 per cent on up to £10,000 and 0.8 per cent on £10,000.

You earn an additional £145 in interest by transferring £10,000 to the Flex Instant Saver 2.

Santander

Those with his new Edge checking account can get 4 per cent on balances up to £4,000. This account comes with a £3 monthly fee.

You earn £124 interest over a year on the highest amount. This compares to just £22 if you leave it in your Everyday Saver account.

Wetwest/RBS

The NatWest and RBS Digital Saver, which pay 5.12 per cent, allow you to deposit up to £150 per month. You can continue to save and earn this rate until you reach the £5,000 limit.

If you deposit €150 per month from your current account, you will earn €49.70 in interest in the year.

If you leave that $1,800 you saved over the year in the bank’s easy-to-access account, your interest will only be $11.70.

sy.morris@dailymail.co.uk