The more cash you have, the higher the interest rate you are likely to be able to get — but you still need to do the work to make sure that you get the best deal.
You need quite a high minimum balance for some savings accounts, while banks including Close Brothers, Monument, Co-op and OakNorth and Skipton Building Society pay higher interest on higher balances.
Co-op Bank’s base rate tracker account pays the Bank of England’s base rate (5.25 per cent) minus 3 percentage points, so 2.25 per cent on balances up to £10,000. But those with £100,000 or more get base rate minus 0.25 percentage points — a much more palatable 5 per cent.
If you are an Ulster Bank customer you can
