This comparison simply includes all savings accounts.
Interest Paying Current Accounts
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. Recommend a friend - If you're a Nationwide member you can earn up to £500 per tax year by recommending five friends (£100 each). Access to Flexclusives - Select Credit Card and low personal loan rate. 3.0% APR Representative. Must be aged 18 or older
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.
Why we like it: 0.50% AER (variable) payable on your entire balance up to £2,000. Linked to instant access savings account currently paying 1.00% AER, paid quarterly. Apple Pay & Google Pay enabled contactless debit card. Rated ‘outstanding’ by Moneyfacts. Must be 18 or older and a UK resident. No account fee. No minimum funding required to open account or requirement to pay in regularly
Why we like it: Get £125 when you switch a current account held elsewhere to this account. Earn 2% in Rewards on 7 types of household bills paid by Direct Debit. On average Reward customers earn £83 a year in Rewards (not incl. monthly fee) based on monthly bills of £345. Also includes family worldwide travel and mobile phone insurance. £20 monthly fee
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
Why we like it: Get £125 when you switch a current account held elsewhere to this account. Earn 2% in Rewards on 7 types of household bills paid by Direct Debit. On average Reward customers earn £83 a year in Rewards (not incl. monthly fee) based on monthly bills of £345. Also includes personal European travel and mobile phone insurance. £10 monthly fee
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Recommend a friend - If you're a Nationwide member you can earn up to £500 per tax year by recommending five friends (£100 each). Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee
Why we like it: Everyday current accout. No monthly account fee. Recommend a friend - If you're a Nationwide member you can earn up to £500 per tax year by recommending five friends (£100 each). Access to Flexclusives - Select Credit Card and low personal loan rate. 3.0% APR Representative (terms and conditions apply)
Why we like it: Everyday current account. No monthly account fee. Get a contactless Visa Debit Card. Pay with your phone with Apple Pay and Google Pay™ and bank on the go with our easy to use Mobile Banking app. Must be 18 or older and UK resident
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
Why we like it: Everyday current account. No monthly account fee. Get a contactless Visa Debit Card. Pay with your phone with Apple Pay and Google Pay™ and bank on the go with our easy to use Mobile Banking app. Must be 18 or older and UK resident
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
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.
