Is a bonus account right for you?

While some of the best easy access accounts include an introductory bonus rate, their very nature requires savers to be a little more organised than if they have an account which is bonus-free.

This is because the rate of interest that you receive when you first open your bonus easy access account will drop when the bonus expires. At present, almost all bonus rates are paid for 12 months before they disappear from the equation and you are left with the residual non-bonus rate as your reward from there on in.

This means the onus is on you to review the competitiveness of the account in a year’s time and move your funds to a new account if a better rate is available elsewhere.

It is also possible that an easy access ISA may have a bonus element to it too, in which case the same benefits and potential pitfalls are applicable too.

One important thing to remember with a bonus easy access ISA is that when it comes to moving your money at the end of the bonus term, you should transfer your ISA rather than asking for your money to be withdrawn. This is necessary to preserve your tax-free benefits.