allaboutwomen

When it comes to financial products, loyalty certainly doesn't pay. Providers very often lure customers in with market-leading offers that only last a certain period of time. And after that time, the account, card or cover becomes totally uncompetitive.

This is what's happening to many savings accounts right now. So how can you spot a short-term deal - and where should you switch your allegiance when it ends?...

Last week, I realised my instant access savings account and I were going to have to part company. It offered a market-leading rate of interest when I took it out, almost a year ago. But like so many others, that great rate included a hefty 'bonus' element - which only lasted 12 months.

Once that bonus element ends (as it does at the end of January) my interest rate will hit the doldrums.

That's not to say you shouldn't opt for a savings account which includes a bonus. But you do need to make a note of when that temporary bonus comes to an end, and then take your business elsewhere.

Banks don't make this as easy as they should. Many won't make an effort to inform you that your bonus rate is ending, instead letting you work it out yourself (or not, as the case may be).
That's why you've got to keep a close eye on the interest rate you're receiving, and be ready to switch when necessary.

The new contenders
Instant access accounts are a great option for people who want to save what they want, when they can - or who feel they might need to access their savings stash at any time.

If you're looking for an instant access savings account - with the best possible rate of interest - here are some of the new contenders:

The Post Office Online Saver account pays 2.9% AER, with no deposit or withdrawal restrictions, and you can start saving from just £1. Just remember that this rate includes a bonus element of 1.25%, lasting just 12 months.

Alternatively, the eSaver (Issue 2) from Santander offers a rate of 2.75% AER; and again, you can save from £1 and make unlimited withdrawals. Bear in mind that this includes a whopping temporary bonus of 2.25%, which only lasts a year.

So - make sure you play the banks at their own game. Take the rate bait, then slip off the line before you get reeled in!