High Interest vs Easy Access Calculator
Gain from moving to a higher-interest account.
Compare your current easy-access savings interest vs a higher-interest account to see the annual gain from switching. Free educational tool.
What this tool does
Enter balance, current rate, and offered upper rate. The tool shows annual extra interest from switching.
Enter Values
Formula Used
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Disclaimer
Results are estimates for educational purposes only. They do not constitute financial advice. Consult a qualified professional before making financial decisions.
Most people leave savings earning below-market rates for years. 25,000 in a 1% easy-access account earns 250/year. Switching to a 4% equivalent earns 1,000/year — 750 extra for five minutes of paperwork. Rate comparison sites make this a trivial exercise once per year.
Quick example
With savings balance of 25,000 and current rate of 1% (plus offered rate of 4%), the result is 750.00. Change any figure and watch the output shift — it's often more useful to see the pattern than to memorise the formula.
Which inputs matter most
You enter Savings Balance, Current Rate, and Offered Rate. Two inputs usually tip the answer one way or the other. Identify which ones matter most by flipping each value past a round threshold and watching whether the winning option changes.
What's happening under the hood
Annual rate gap × balance = annual extra interest. Simple calculation ignoring compounding within the year. The formula is listed in full below. If the number looks off, you can retrace the calculation by hand — that's the point of showing the working.
How to use this beyond the first run
Re-run the calculation once a year. Life changes — pay rises, new expenses, interest-rate shifts — and the figure that looked right 12 months ago often isn't today. Annual recalibration keeps the plan honest.
What this doesn't capture
The calculation assumes a steady savings rate and a stable interest rate. Real saving journeys include emergencies, windfalls, and rate changes — especially in easy-access products. The figure is a direction of travel, not a guarantee.
Where to go next
This calculation rarely sits alone in a planning exercise. If you're running these numbers, you'll probably also want the compound interest calculator, the savings calculator, and the savings account interest calculator — each one answers a different question in the same territory. Treating them as a set rather than in isolation usually produces a more honest picture.
Higher interest gain produces an annual figure based on the inputs provided.
Inputs
This example uses typical values for illustration. Adjust the inputs above to match a specific situation and see how the result changes.
Sources & Methodology
Methodology
Annual rate gap × balance = annual extra interest. Simple calculation ignoring compounding within the year.
References
Frequently Asked Questions
How often should I review rates?
Worth switching for small gaps?
Are headline rates reliable?
FSCS / deposit protection?
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