Promotional rates | Rates Explained: Savings

Banks often offer a promotional rate to win new clients: a much higher rate, but only for a few months.

For example, one bank offers a special rate for 3 months when you open your first account of that kind¹. Another offers its promotional rate for 4 months, if you also open one of its chequing accounts².

Read the fine print

How long? Most offers last a few months.
Who can get it? Often only new clients, or new deposits.
Any catches? Some need another account, or have a limit on how much earns the special rate.
What's the regular rate? That's what you'll earn after.

Is it worth it?

A promotion can add a nice bonus. But over a whole year, the regular rate often matters more. If you'll keep the money there for a long time, compare regular rates too.

Today's numbers. What $10,000 would earn in a year with today's highest advertised promotional offer, compared with today's highest regular rate.