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Compare Latest Current Account Deals

Nationwide
FlexDirect Current Account Nationwide
Open With £1000
Account Type Current Account
Interest AER 5.00%

Why we like it: 5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Must be aged 18 or older.

Nationwide
FlexPlus Current Account Nationwide
Open With £1
Account Type Current Account
Interest AER 3.00%

Why we like it: 3.0% AER fixed interest on balances up to £2,500. No fees on arranged overdrafts up to £250. UK & Europe Breakdown Cover, Worldwide family travel insurance. Free mobile banking app, text alerts and secure online banking. £13 monthly account fee

First Direct
Current Account First Direct
Open With £1
Account Type Current Account
Features FREE £250 Overdraft £150 Gift For Switching

Why we like it: Free gift worth up to £150 for switching into account. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee - £100 if you leave within 6 months

Nationwide
FlexAccount Current Account Nationwide
Open With £1
Account Type Current Account
Features 3 months interest-free overdraft No monthly account fee

Why we like it: Everyday current account. 3 months interest-free overdraft and no monthly account fee

Barclays
Bank Account Barclays
Open With £1
Account Type Current Account
Features Earn rewards of up to £180

Why we like it: Earn rewards of up to £180 a year when you bank with Barclays - Get an annual loyalty reward of £84 plus £60 on your Barclays residential mortgage and £36 on your Barclays home and contents insurance. Start earning rewards with a monthly £3 fee based on £800 paid into your account and 2 direct debits paid out every month

Finding the best current account

While the average easy access savings account is paying just under 0.4% interest, surprisingly some of the best interest-earning accounts in the UK market presently are current accounts.

With a number of banks keen to attract new customers some high interest current accounts are paying competitive interest. These accounts have different criteria and we have summarised below some of the most attractive accounts currently on offer:

TSB Classic Plus Current Account

TSB offer a great deal on its Classic Plus current account. This account has one of the lowest minimum monthly pay-ins at £500 per month so is well-suited to anyone who finds it difficult to meet the minimum payments of some other accounts. But also offers the highest rate of interest.

The TSB Classic Plus pays 3% on the first £1,500 in your account, making it extremely competitive.

Unusually, you don't need to have any direct debits going out of the account if it is just the interest you want.

TSB are also currently offering a switch reward earning you 5% cashback a month on the first £100 of contactless payments. This includes Apple and Android Pay, up until 30 September 2017. Take advantage of this and you could earn up to £104 in a year. Usually reserved for ‘cash back credit cards’ this is a great way to spend and see some returns.

Nationwide FlexDirect Current Account

Nationwide Building Society is the second-most-switched-to bank at the moment.

With a simple set of overdraft fees Nationwide FlexDirect currently pays 5% AER fixed for a year on £2,500, which would give you a maximum £122.25 interest. This rate is fixed for the first year you hold the account, which gives some security in a world of uncertain savings rates. The rate falls to 1% (variable) in subsequent years.

To incur the interest, you'll need to pay in £1,000+ per month. So if you are after an account that pays you interest when you have money in your account, and if you prefer to do your banking online or over the phone, then this could be the current account for you.

Santander 1|2|3 Current Account

The Santander 1|2|3 offer 1.5% AER on your entire balance up to a limit of £20,000, making it a great choice for those with more significant savings.

You are also able to have two accounts in your name, but one must be joint which means couples can save £60,000 between them.

This account does have a £5/month fee which is automatically taken from the account each month but for most users that's more than covered by the 1-3% cashback this account gives on various types of utility bills paid by direct debit from the account. Cashback is paid directly in to your account.

The cashback you can receive on your household bills includes:

  • 1% cashback on water and council tax bills and on your Santander monthly mortgage payments (up to a maximum of £1,000)
  • 2% cashback on gas bills and electricity bills
  • 3% cashback on mobile, home phone, broadband and paid-for TV packages

As an extra incentive, Santander offer a four month fee-free arranged overdraft when you switch.

Tesco Current Account

Tesco offer some great rewards with their current account, particularly if you regularly shop in their stores.

This is because your debit card also serves as your Tesco Clubcard and you earn one Clubcard point per £1 spent in Tesco on your debit card until 1 April 2019. You can also collect Clubcard points on fuel.

Overall this is a great account where you can earn some great rewards with the Clubcard scheme providing you take advantage of shopping in their stores. It’s also one of the few basic current accounts that do pay interest. The interest rate is high at 3.00% AER/2.96% Gross (variable) for balances up to £3,000.

Latest news

Pensioner Bond Maturity - 5 Ideas For Your Cash

From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. Savers who have been enjoying 4% pa are going to get a shock when they look for comparable returns from cash in the current market. We have put together 5 ideas for your cash in 2018

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About us

Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.