High Interest Current Accounts

Compare Mobile & High Interest Current Accounts

High Interest Current Account Offers

Account

first direct 1st Account

Switch Offer

£175 welcome bonus
when you switch to a 1st Account

Funding Required

No monthly minimum

Interest Rate

Access to 7% AER/Gross on Regular Savings*

Account Fee

FREE

More info

SPECIAL OFFER – Switch to a 1st Account and bank £175**

More Information About This Account

*Put away between £25 and £300 for a fixed 12 month term. If you save £300 every month for 12 months and qualify for the 7.00% AER/gross p.a. interest rate, you’ll earn approximately £136.50 interest (gross). Interest is calculated daily and paid 12 months after you opened the account. AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year. Gross is the rate of interest if interest were paid and not compounded each year. No partial withdrawals allowed. Early closure will result in interest being paid at the standard account variable rate.
£250 interest-free overdraft (subject to status)
No minimum monthly funding
No monthly account fee
Mobile banking app
No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK
UK based contact centre
Easy switching with the Current Account Switch Service

Must be 18 or older
Must be UK resident
Representative Example: How does our overdraft compare? The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing. 0% EAR variable on the first £250, 39.9% EAR variable thereafter, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200). For customers with an offset mortgage linked to a 1st Account, the interest-free limit will not apply
**Open a 1st account on or after 9th September and before offer is withdrawn. Switch your everyday banking to using the Current Account Switch Service (CASS). Deposit a minimum of £1,000 (in single or multiple deposits) in your account and within 45 days of opening your first direct 1st Account. Complete a full CASS switch including at least two Direct Debits or Standing Orders must be made within 45 Days of us opening your first direct 1st Account. Register and Log onto digital banking, within 45 days of us opening your first direct 1st Account. Use your new 1st account debit card at least 5+ times. Be a new customer to first direct, who has not previously held a first direct product, or has opened an HSBC current account on or after 1 January 2018

Account

Chase Current Account

Features

1% cashback on your everyday debit card spending for your first 12 months. Cashback exceptions and limits apply. Plus access to a 3.50% AER easy access saver account

Funding Required

No monthly minimum

Account fee

FREE

More info

More Information About This Account

Earn 1% cashback on everyday debit card spending, including contactless. Available for your first 12 months for new customers. Max £15 per month. Cashback exceptions apply
Access to a Chase saver account paying 3.50% AER (3.45% gross) variable. Interest is earned daily and paid monthly. Easy access to your money with no minimum opening balance
5% interest on a round up account- choose to round up your spending to the nearest £1 and you’ll get 5% AER (4.89%gross) variable interest on your round up account, paid monthly
Zero fees from Chase when you use your Chase debit card, both at home and away
No ATM fees applied by Chase
Open extra current accounts in seconds, for free. Use them to spend from, pay bills with Direct Debits, budget, and set aside money in the way that works best for you

Must be 18+, be a UK resident and have a smart phone and UK mobile number
No account opening fees and no monthly fee
No minimum monthly funding
In-app card control – you decide how and where your card works. You can stop it from making contactless or gambling payments, from working abroad, or from making cash withdrawals
Numberless card – your card details are stored in the app, so no one can see them but you
24/7 customer support – either over the phone or in app message

Account

Santander Edge Up Current Account

Switch Offer

Earn £150 cash
when you switch to a Santander Edge Up current account

Funding Required

£1,500 per month

Features

3.00% AER (2.96% gross variable) on balances up to £25,000, and up to 1% cashback on household bills, supermarket and travel costs (exclusions apply)

Account Fee

£5 pm

More info

Earn £150 cash when you switch to a Santander Edge Up current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

More Information About This Account

3.00% AER/2.96% gross (variable) on balances up to £25,000
1% cashback (up to £15 a month) on selected household bills when you pay by Direct Debit
1% cashback (up to £15 a month) at supermarkets and on travel costs when you use your debit card (exclusions apply)
Free to use Santander Edge Up debit card outside the UK
Get cashback, vouchers, prize draws and personalised offers with Santander Boosts , free rewards service

Must be 18 or older and live in the UK permanently
Monthly fee of £5
Must pay a minimum of £1,500 into the account each month
Must have 2 active Direct Debits
Arranged overdraft available (subject to status)
Arranged overdraft interest rate of 39.94% APR / EAR (variable)
*Switch incentive available when you use Current Account Switch Service. For £150 cash you’ll have to complete the full switch, set up 2 active Direct Debits and pay in £1,500 within 60 days. T&Cs apply

Account

Santander Edge Current Account

Switch Offer

Earn £150 cash
when you switch to a Santander Edge current account

Funding Required

£500 per month

Features

Earn cashback every month on selected household bills and essential spend, plus get access to an exclusive savings account paying 6% AER

Account fee

£3 per month

More info

Earn £150 cash when you switch to a Santander Edge current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

More Information About This Account

Earn 1% cashback every month on selected household bills paid by Direct Debit, capped at up to £10 each month
Earn 1% cashback every month on supermarket and travel spend when you use your debit card, capped at £10 each month
Access to Santander Edge Saver with 6.00% AER / 5.84% gross (variable) interest up to £4,000 with 1.50% AER / 1.49% gross (variable) bonus rate for the 12 months from opening
Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts
No fees or charges for international payments or CHAPS payments

Arranged overdraft interest rate of 39.94% APR/EAR (variable)
For cashback on household bills and essential spend, you must pay a minimum of £500 into your account each month, have 2 active Direct Debits, be over 18 and live in the UK permanently
Paper-free account
To be eligible for Santander Boosts, you must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking
£3 monthly fee
*Switch incentive available when you use Current Account Switch Service. For £150 cash you’ll have to complete the full switch, set up 2 active Direct Debits and pay in £1,500 within 60 days. T&Cs apply

What current accounts pay high interest?

With the Bank of England Base Rate falling to historical lows over the last 5 years, there are not many current account providers who pay what you would call high interest on the account balance.

While the Base Rate increased last month by 0.25% banks are in no hurry to pass this rate rise onto customers.

Typically most banks and building societies pay either a nominal amount of interest or no interest at all.

Some providers will pay higher interest on the first say £1,000 held on the account, and then pay a much lower rate on money held over this amount.

Currently the highest paying interest current account in the UK presently is the Nationwide Flex Direct Account paying 5% on up to balances of £2,500. After a year the account drops to 1%.

You could also consider their FlexPlus Account which pays a lower 3% on or up to £2,500, but with the rate staying at that level. However to get this deal a monthly fee of £13 is charged for the privilege.

For savers with larger deposits of money Santander 123 Account pay 1.5% on balances up to £20,000 plus you get 3% cashback on household bills paid from your account. This account comes with a monthly £5 fee.

What is the best student current account?

It is in August and September that UK Banks start to bring out their latest student current account offerings. Banks are understandably keen to get your business. Research shows that one you set up a current account you are unlikely to move it.

Some of the best rates of interest you will get on cash currently are on current accounts. E.g Santander offer 0.60% AER fixed in credit interest on balances up to £20,000 for the first 12 months.

You can also benefit from switching your account. A number of banks now offer switch incentives.

The good news is that switching is a lot easier than it used to be – basically the new bank account provider will do all the work in setting up your direct debits and standing orders etc.

Things to consider:

Do you need an overdraft facility? High interest current accounts rarely offer attractive overdraft facilities, so if this is a priority then you may be better looking for a current account with competitive overdraft fees.
Are you looking to use your debit card on a regular basis abroad? If this is important then you should look at a options provided by some of the new mobile bank current account providers such as N26 and Monese.
Monthly account fees. Make sure the fees you pay outweigh the benefits of the account.

Banking & Savings News

25th
Jul

High Interest Current Accounts

Compare Mobile & High Interest Current Accounts

High Interest Current Account Offers

SPECIAL OFFER – Switch to a 1st Account and bank £175**

Earn £150 cash when you switch to a Santander Edge Up current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

Earn £150 cash when you switch to a Santander Edge current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply*

What current accounts pay high interest?

What is the best student current account?

Things to consider:

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