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These are being used increasingly frequently by banks and building societies so that their accounts leap into the best buy tables.

The introductory offer typically lasts for 6-12 months which artificially boosts the headline interest rate during that period. However, once this ‘teaser’ rate is over, the interest rate will revert to an inferior rate and financial institutions depend on savers’ ignorance or inertia to stay put.

Introductory bonuses can also distort AERs, if the bonus is only  being paid for six months. This is because the AER stands for Annual Equivalent Rate and does not take account of the post bonus interest rate.

But if you're planning to move accounts when the introductory bonus rate ends, then the AER is irrelevant, as you only need to know the interest rate during the bonus period.

If you don’t think you will remember to switch your savings at the end of the teaser rate period, it may be better to pick an account which has a record of paying consistently competitive rates, without the artificial booster of an introductory bonus.