This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 0.6%

Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.

Best Current Bank Accounts

When it comes to the ‘best’ current account, it really depends on your circumstances and what you’re looking for in a bank account.

That being said, there are some great current accounts offering rewards, incentives and high rates of interest at the moment so it’s worth shopping around and making sure your account is working for you.

Here are a selection of current accounts which we think could be the best for you at the moment:

Best for Interest on Lower amounts 

TSB Classic Plus - 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.

They also offer one of the highest rates of interest on balances of up to £2,000. Interest is paid monthly and to earn it you simply pay in a minimum of £500 a month and register for Internet Banking, paperless statements and paperless correspondence.

Bonus: One of the biggest incentives on offer is the opportunity to earn 5% cashback a month on the first £100 of contactless payments. This includes Apple and Android Pay, up until 30 September 2017.

Other accounts that offer great interest on lower amounts:

Nationwide Flexplus account – however, this is for one year at a fixed rate of 5% before falling to 1% in subsequent years.

Best for interest on Higher amounts 

Santander 123 - This account wins for those with savings above £10,000 - or will once the others banks' rate cuts have come into effect.

Currently, you can get 3% on balances from £3,000 to £20,000, but from 1 November 2016 it will chop its headline rate and will pay 1.5% on up to £20,000. Even after that though, it will still be a winner for many bigger savers.

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 3% cashback this account gives on utility bills paid by direct debit from the account. Cashback is paid directly in to your account.

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

Best Switch Reward 

Halifax Current Account- this account has some great features including a £100 switch reward, paid into your account before your switch is complete.

Bonus: If you’re able to pay £750 or more in to your account, pay out at least 2 different direct debits and stay in credit each month, you could earn £5 each month with their Reward Current Account.

Combine this option with the Switch Reward and you could earn £160 in a year. This is one of the few accounts that pay both a switching bonus and an ongoing reward.

Other accounts which also offer excellent Switch rewards include:

First Direct, Co-operative and HSBC. These accounts are all offering £100 or more for switching.

Best Cashback Rewards 

NatWest Reward Account - There are no monthly payments on this account making it a great option for those who are unable to meet the high minimum payment requests of some other accounts.

There is, however, a £3 charge per month.

The rewards you can earn on this account are similar to the Santander 123 account in that you can earn cashback on your household bills.

As this account is a cheaper option than the Santander account it’s a great choice for those who pay a lot of household bills out of one account and would like to see some return on that. 

The scheme is quite simple, you can automatically earn 3% on seven kinds of household bills, including council tax. As soon as you reach £5 in rewards you can exchange it for £5.

Other accounts offering cashback deals:

TSB are currently offering 5% of cashback on the first £100 of contactless purchases.

This is a brief overview of some of the excellent current accounts on offer at the moment but use our website to find out further details on each of these accounts and more.

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

Newsletter signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

Let's get social now! Twitter Facebook

About us 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.