SPECIAL OFFER - Switch to a 1st Account and get £175*. Requires credit check. New customers only and T&Cs apply.
Why we like it
Get access to a Regular Saver Account - Put away between £25 and £300 for a fixed 12 month term. If you save £300 every month for 12 months and qualify for the 7.00% AER/gross p.a. interest rate, you'll earn approximately £136.50 interest (gross). Interest is calculated daily and paid 12 months after you opened the account. AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year. Gross is the rate of interest if interest were paid and not compounded each year. No partial withdrawals allowed. Early closure will result in interest being paid at the standard account variable rate. £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. Representative Example: How does our overdraft compare? The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing. 0% EAR variable on the first £250, 39.9% EAR variable thereafter, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200). For customers with an offset mortgage linked to a 1st Account, the interest-free limit will not apply. *Within 45 days of your account opening you need to: switch to first direct using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking. New customers only, who haven’t previously held a first direct product. first direct also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time. Subject to status. UK residents only
NatWest Select Account - an everyday current account. Great money management tools with NatWest’s mobile banking app. Criteria Apply. No monthly fee. You need to be 18+ and a UK resident. How does NatWest’s overdraft compare? A good way to compare the costs of borrowing products is by using the APR, which shows the cost of borrowing over a year. Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200. Access to Digital Regular Saver – Deposit £1-£150p per month. Earn 5.50% / 5.37% AER/Gross p.a. (variable) interest on the first £5k saved and 1.06%/1.05% AER/Gross p.a. (variable) on anything over £5k. Other Savings products are available with a NatWest Current Account. Interest paid monthly. Eligibility criteria apply.
Details
Type of Account
Everyday
Minimum Age
18
UK Resident
Yes
Everyday Current Account
FeaturesFee FREE Everyday Accountwith access to 5.00% AER Regular Saver Account for 12 months
Open With £1
Account TypeCurrent Account
Everyday Current AccountSantander
Open With £1
Account TypeCurrent Account
FeaturesFee FREE Everyday Accountwith access to 5.00% AER Regular Saver Account for 12 months
No minimum monthly funding or monthly fee to maintain the account. Access to Santander Regular Saver with 5.00% AER/Gross (fixed) for 12 months. Save up to £200 per month. Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts (you must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. 39.94% EAR overdraft charge.
Royal Bank of Scotland Select Account - an everyday current account. Great money management tools with Royal Bank of Scotland's mobile banking app. Criteria Apply. No monthly fee. You need to be 18+ and a UK resident. How does Royal Bank of Scotland's overdraft compare? A good way to compare the costs of borrowing products is by using the APR, which shows the cost of borrowing over a year. Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200. Access to Digital Regular Saver – Deposit £1-£150p per month. Earn 5.50% / 5.37% AER/Gross p.a. (variable) interest on the first £5k saved and 1.06%/1.05% AER/Gross p.a. (variable) on anything over £5k. Other Savings products are available with a Royal Bank of Scotland Current Account. Interest paid monthly. Eligibility criteria apply.
NatWest Reward Account. Earn from 1% back when you spend with selected partners, plus up to £5/month back in Rewards. T&Cs and eligibility criteria apply. £2/ month. You must be 18+ and a UK resident. You must pay in £1,250 each month. Earn £5/month back in Rewards: £2 for 2 direct debits of +£2 each, and £1 for monthly app log in. Earn 1% back in Rewards when you spend with selected partners. How does NatWest’s overdraft compare? A good way to compare the costs of borrowing products is by using the APR, which shows the cost of borrowing over a year. Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200. Access to Digital Regular Saver – Deposit £1-£150p per month. Earn 5.50% / 5.37% AER/Gross p.a. (variable) interest on the first £5k saved and 1.06%/1.05% AER/Gross p.a. (variable) on anything over £5k. Other Savings products are available with a NatWest Current Account. Interest paid monthly. Eligibility criteria apply.
Details
Type of Account
Reward
Minimum Age
18
UK Resident
Yes
Edge Current Account
FeaturesGet 1% Cashback on selected houshold billsand access to a 6.00% AER saver account
Open With £500
Account TypeCurrent Account
Edge Current AccountSantander
Open With £500
Account TypeCurrent Account
FeaturesGet 1% Cashback on selected houshold billsand access to a 6.00% AER saver account
Earn 1% cashback every month on selected household bills paid by Direct Debit, capped at up to £10 each month. Access to Santander Edge saver with 6.00% AER/ 5.84% Gross (variable) interests on balances up to £4000 (includes 2.00% AER/ 1.98% Gross (variable) bonus rates for the first 12 months from opening). Get cashback, vouchers, prize draws and other personalised offers when you use Santander Boosts (must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). No fees or charges for international payments or CHAPS payments. Arranged overdraft interest rate of 39.94% APR/EAR (variable). For cashback offer you must pay a minimum of £500 into your account each month, have 2 active Direct Debits, be over 18 and live in the UK permanently. Paper-free account. £3 monthly fee.
Royal Bank of Scotland Reward Account. Earn from 1% back when you spend with selected partners, plus up to £5/month back in Rewards. T&Cs and eligibility criteria apply. £2/ month. You must be 18+ and a UK resident. You must pay in £1,250 each month. Earn £5/month back in Rewards: £2 for 2 direct debits of +£2 each, and £1 for monthly app log in. Earn 1% back in Rewards when you spend with selected partners. How does Royal Bank of Scotland's overdraft compare? A good way to compare the costs of borrowing products is by using the APR, which shows the cost of borrowing over a year. Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200. Access to Digital Regular Saver – Deposit £1-£150p per month. Earn 5.50% / 5.37% AER/Gross p.a. (variable) interest on the first £5k saved and 1.06%/1.05% AER/Gross p.a. (variable) on anything over £5k. Other Savings products are available with a Royal Bank of Scotland Current Account. Interest paid monthly. Eligibility criteria apply.
Details
Type of Account
Reward
Minimum Age
18
UK Resident
Yes
Edge Up Current Account
Features2.50% AER Interest on balances up to £25,000 and get 1% Cashback on selected houshold bills
Open With £1500
Account TypeCurrent Account
Edge Up Current AccountSantander
Open With £1500
Account TypeCurrent Account
Features2.50% AER Interest on balances up to £25,000 and get 1% Cashback on selected houshold bills
2.50% AER/2.47% gross (variable) on balances up to £25,000. 1% cashback (up to £15 a month) on selected household bills when you pay by Direct Debit. Access to Santander Regular Saver with 5.00% AER/Gross (fixed) for 12 months. Save up to £200 per month. Make international payments with no extra fees (the bank receiving the payment may still apply charges). There's also no charge for making CHAPS payments from this account. No fees for using Santander Edge Up debit card to withdraw cash and make payments outside the UK in the local currency. Get cashback, vouchers, prize draws and personalised offers with Santander Boosts , free rewards service. Online and Mobile Banking available with text and email alerts. £5 monthly fee for maintaining the account that will automatically be taken from the account each month. Must pay a minimum of £1,500 into the account each month. Must have 2 active Direct Debits. Arranged overdraft facility (subject to status). If you use an arranged overdraft you’ll be charged an interest rate of 39.94% APR / EAR (variable). Online and Mobile Banking available with text and email alerts.
Details
Type of Account
Interest Paying
Minimum Age
18
UK Resident
Yes
FlexDirect Current Account
Features5% Interest AER on balances up to £1,500Up to £60 cashback on debit card purchases for 12 months
Open With £1000
Account TypeCurrent Account
FlexDirect Current AccountNationwide
Open With £1000
Account TypeCurrent Account
Features5% Interest AER on balances up to £1,500Up to £60 cashback on debit card purchases for 12 months
5.00% AER fixed (4.89% gross pa) in-credit interest on balances up to £1,500 for the first 12 months. Up to £60 cashback on debit card purchases for 12 months- Earn 1% monthly cashback (up to £5 a month) when you spend on your debit card - whether online, over the phone or in store. No monthly account fee. Interest-free arranged overdraft for 12 months. Access to mobile banking secure app. Manage all your Nationwide accounts in one place. View and search your transactions. Freeze and unfreeze your Visa Debit card. Report your card lost or stolen and order a new card. Manage your account online and by app. Access to other Nationwide products by becoming a member of Nationwide. Current account members get access to exclusive savings accounts. Must pay a minimum of £1,000 into the account each month, from an external source (i.e. not another Nationwide account). After the first 12 months, interest rate drops to 1% AER (0.99% gross a year) variable. After 12 months, an interest rate of 39.9% a year compounded (variable) will apply to your arranged overdraft on balances over £50
Details
Type of Account
Interest Paying
Minimum Age
18
UK Resident
Yes
FlexAccount Current Account
FeaturesEveryday current account with no monthly fee
Open With £1
Account TypeCurrent Account
FlexAccount Current AccountNationwide
Open With £1
Account TypeCurrent Account
FeaturesEveryday current account with no monthly fee
Everyday current account. No monthly account fee. Access to mobile banking secure app. Manage all your Nationwide accounts in one place. View and search your transactions. Freeze and unfreeze your Visa Debit card. Report your card lost or stolen and order a new card. Access to other Nationwide products by becoming a member of Nationwide. Current account members get access to exclusive savings accounts. 0% interest on any balance. £50 interest-free on an arranged overdraft. 39.9% EAR overdraft charge on balances over £50
Details
Type of Account
Everyday
Minimum Age
18
UK Resident
Yes
FlexPlus Current Account
FeaturesBreakdown, Travel and Mobile Phone Insurance Included
Open With £1
Account TypeCurrent Account
FlexPlus Current AccountNationwide
Open With £1
Account TypeCurrent Account
FeaturesBreakdown, Travel and Mobile Phone Insurance Included
Vehicle breakdown cover in the UK and the rest of Europe. Whether you re driving or a passenger in a vehicle, you're covered by the AA. With no excess to pay and unlimited callouts. Travel insurance for your family, worldwide for trips up to 31 days. Worldwide family travel insurance, including winter sports, travel disruptions and more from Aviva Insurance. Mobile phone insurance for the whole family. Your phone and those belonging to your partner and dependent children are covered for loss, theft, damage and faults by Assurant. Access to mobile banking secure app. Manage all your Nationwide accounts in one place. View and search your transactions Freeze and unfreeze your Visa Debit card. Report your card lost or stolen and order a new card. Access to other Nationwide products by becoming a member of Nationwide. Current account members get access to exclusive savings accounts. £18 monthly account fee. £50 interest-free on an arranged overdraft. 39.9% EAR overdraft charge on balances over £50
Details
Type of Account
Reward
Minimum Age
18
UK Resident
Yes
Personal Account
FeaturesApply without a credit check or proof of address
Open With £0
Account TypeCurrent Account
Personal AccountSuits Me
Open With £0
Account TypeCurrent Account
FeaturesApply without a credit check or proof of address
An alternative banking solution, offering banking services to people who find it hard to open a regular bank account because of their low credit score. Open an account in 10 minutes without a credit check or proof of address. Get your contactless Mastercard® debit card in 3-5 working days. Choose from three account options: ‘Essential’, ‘Premium’ and ‘Premium Plus'. You can manage your account on the go using the online banking app. Make transfer payments from your e-money account whenever, wherever. You can also set up and manage your Direct Debits and Standing Orders. Get access to exclusive partner deals. Shop and earn with your Suits Me card in-store, online or over the phone you can earn cashback rewards, with no limit. Access to a dedicated Customer Account Manager so you have someone who understands your account and your needs. Your money is protected up to £85,000 by the FSCS. Monthly account fee ranges from free to £9.97 depending on account chosen. Refer your friends to apply and use their Suits Me card, and earn £50 per friend. No limit on the number of friends you refer
Switching current accounts to get a better interest rate
Different current accounts can pay significantly different rates of interest, so it is worth checking to see if the account you have right now compares favourably to the market leaders. It is also sensible to compare other features and benefits, such as cashback as these can add up.
If you do decide to switch, it is good to know that you will most likely be able to take advantage of the Current Account Switch Service. This is a free service which will transfer any money in your account, plus all of your existing payments in and out of your old account to your new account.
This means it is fast, simple and hassle-free to move your current account to a new provider in order to benefit from better interest rates and other benefits.
What current account interest rates mean
When comparing current accounts, you should look at both the interest rate they pay when you are in credit and the interest rate they charge when you go into your overdraft. Which current account will be best for you is likely to depend on whether you tend to be in credit or in your overdraft on a regular basis.
When comparing interest rates that current accounts pay, you will normally see them quoted as a certain percentage “AER”. AER stands for Annual Equivalent Rate and is the amount of interest you would earn if the interest was taken annually. However, in reality most current accounts pay interest monthly.
