Many savings accounts offer a high introductory rate and then drop to a standard rate well below the market leaders. In the long term, a high standard rate will outperform any introductory offer, and the hassle of moving money around often stops people switching once they have settled on a product. Therefore, in most cases, you should choose an account with the highest standard rate that’s going to reward over time.
However, for those inclined, there’s nothing stopping investors from moving their money to take advantage of the leading rates and then switching again when a better deal comes along. Here’s what a dedicated rate hunter with no fear of application forms or moving funds would have experienced over the past 12 months.