This comparison simply includes all savings accounts.
Interest Paying Current Accounts
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: MARKET LEADING INSTANT ACCESS ACCOUNT. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Easy access savings account that tracks the Bank of England base rate. Wave goodbye to the constant cycle of account hopping and forget waiting for banks to pass on higher interest rates. Interest rate moves with the Bank of England base rate, guaranteeing a fixed margin of up to 0.5% below, and adjusts the very next day. Easy access to your money with once a month withdrawals, without notice and without fees. Earn daily interest on your money, and experience the power of compounding to make your savings work harder. Maximum deposit £250,000. Wombat has partnered with GB Bank to bring you the Base Rate Tracker. GB Bank is an award-winning, fully authorised and regulated UK bank. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older
Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.
Why we like it: Tiered interest: £1 to £10,000 – 4.80% Gross/AER, £10,001 to £50,000 – 4.80% Gross/AER, £50,001 to £500,000 – 4.80% Gross/AER. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Interest paid monthly or annually. Open in a single or joint name. Unlimited deposits and withdrawals. Covered by the FSCS. Must be UK resident. Must be aged 16 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: MARKET LEADING 6 MONTH FIXED RATE BOND. Interest paid at maturity. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted
Interest paying current accounts
Current accounts are now offering better rates of interest than a lot of savings accounts making them a great option for people looking to watch their money grow.
If you combine this with the various switch rewards and ongoing deals which a lot of current accounts are also offering, you could make yourself up to an extra £200 in a year.
Not all current accounts offer interest as standard so we have listed the best options below:
1) Nationwide FlexDirect Current Account
Nationwide Building Society is the second-most-switched-to bank at the moment.
Nationwide FlexDirect 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% in subsequent years.
To qualify for this interest, you need to pay in £1,000+/month. So, if you are after an account that pays a good rate of interest, intend to stay in credit and prefer to do your banking online or over the phone then this could be the current account for you.
2) 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.
They also offer 3% AER (variable) interest on balances up to £1,500. 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.
You can also earn £5 cashback every month if you have two monthly Direct Debits coming out of your account plus another £5 cashback each month where you use your debit card at least 20 times.
3) Santander 1|2|3 Current Account
With the Santander 1|2|3 you can earn 1.5% AER on balances up to £20,000 in exchange for a £5 monthly account fee.
You can also benefit from 1-3% cashback on various of your household bills, which should more than offset the account fee for most householders.
You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them and earn interest on the total amount.
4) Virgin Money Current Account
Virgin currently only offer the Essential Current Account but are planning to add more options shortly. At the moment you can register your interest on their website for updates about any new accounts that they open.
The Essential Current Account is a great basic account which offers:
- Free withdrawals at almost all high street cash machines.
- Management of your account at Virgin Money Stores and any Post Office
- The option to earn 0.75% Gross/AER (variable) interest on the balance in your account, up to a maximum balance of £100,000. Interest is paid monthly.
Virgin is a big name internationally and as such they offer a number of benefits which help if you travel internationally regularly. Such as free use of the Virgin Lounges which come with a range of perks.
