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This comparison simply includes all savings accounts.

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.

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

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 1.50%

Why we like it: Earn 1.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.

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

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

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

When to switch current accounts

Many people do not realise the benefits they can receive by changing their current account – whether to a different one with the same bank or building society, or a new provider altogether.

Different current accounts can offer significantly different rates of interest and other benefits, which can make switching a good idea. Switching your current account is now relatively straightforward and hassle-free thanks for the Current Account Switch Service (more on which below).

Many current accounts allow you to:

  • Earn attractive rates of interest on your savings
  • Get cashback on household bills
  • Receive other benefits, such as free insurance or anti-virus software

It is worth regularly checking to see whether you can find a better deal, especially if your circumstances have changed since you opened your current account e.g. you now tend to be in credit rather than in your overdraft, or you have moved from rented accommodation to owning your own home.

Current Account Switch Service

The Current Account Switch Service makes changing current accounts fast, simple and stress-free. It covers 99% of UK current accounts, so chances are both the account you have now and the one you want to move to will be eligible.

All you have to do is ask your new bank or building society to move your old account using the Current Account Switch Service. They will then handle the whole process of moving your account over on a date of your choosing, preserving all of your existing Direct Debits and standing orders.

This means you don’t have the hassle of cancelling all your payments and restarting them from your new account, saving you time and ensuring you don’t miss any payments.

Find the best current accounts to switch to

If you are thinking of changing your current account, make sure to compare what is currently available from all the top providers. The current account comparison tool at the top of this page lets you quickly and easily compare deals from all the leading banks and building societies.

Three of the most popular current accounts right now, offering great interest rates and benefits are:

Santander 123 current account

You can earn 1.50% AER/1.49% gross (variable) on balances up to £20,000 with this account. You also get from 1-3% cashback on various household bills, including payments on a Santander mortgage or insurance policy.

There is a £5 per month account fee and you have to deposit at least £500 a month into the account and have two active Direct Debits to qualify for cashback.

TSB Classic Plus account

With this account you will get interest of 3% AER paid monthly on a balance of up to £1,500. On top of that, you can earn £5 per month cashback when you have at least two Direct Debits from the account, plus another £5 in any month where you use your debit card at least 20 times.

There is no monthly account fee, but to earn interest you must pay in a minimum of £500 each month.

Nationwide FlexDirect current account

Nationwide offer a highly competitive 5% AER (4.89% gross p.a.) interest on balances up to £2,500 for the first 12 months with this account. After this the interest drops to 1% gross p.a./AER (variable).

You won’t pay a monthly account fee, but this account doesn’t offer any cashback and you must pay in at least £1,000 a month to earn interest.

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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