Well, I've never written a blog before, so not really sure how to start, do I ramble aimlessly or tell a story? A story is probably best...

I recently went to the bank with my son to pay in some birthday money which he had received. Before we went, we used a couple of price comparison sites to check what rates would be available to him if he opened a new account elsewhere.

When we went into the bank my son asked how much interest his account was paying and was told "0.1% at the moment".

I explained to him that this meant if he had £100 in his account and left it there for a year, the bank would pay him 10p. He was not particularly happy with this, as accounts paying 2.5% (25 times more!) were available. He asked to close the account immediately and transferred his money to a new bank across the road. My daughter quickly followed my son in to transfer her savings as well.

A valuable lesson that you should check the interest rate the bank is paying on a regular basis, just to make sure there's not a better one available elsewhere.

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