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This comparison simply includes all savings accounts.

Nationwide
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.

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.

AA Savings
Easy Saver AA Savings
Min deposit £100
Term Instant Access
Interest AER 1.15%

Why we like it: Free withdrawals and no notice period. Deposit from £100. Includes a fixed bonus of 0.95% gross fixed for the first 12 months. Quick and easy online application

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 12 Months
Interest AER 1.87%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 18 Months
Interest AER 1.95%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 24 Months
Interest AER 2.14%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 30 Months
Interest AER 2.16%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 3 Years
Interest AER 2.31%

Why we like it: Save from £1,000 to £1,000,000. No withdrawals before the end of the term. RCI Bank are protected up to a total of €100,000 by the FGDR (Fonds de Garantie Dépôts et de Résolution), the French deposit protection scheme. Apply online.

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 4 Years
Interest AER 2.52%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 5 Years
Interest AER 2.66%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.

Ford Money
Flexible Cash ISA Ford Money
Min deposit £1
Term Instant Access
Interest AER 1.17%

Why we like it: Minimum deposit £1. Unlimited deposits. Transfer in ISAs held elsewhere - no limit. Eligible deposits covered by UK FSCS.

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Compare current account switch offers worth £100 or more

There are a number of reasons to switch your current account to a new bank or building society, including looking for a better interest rate or benefits. Many banks are increasingly using upfront switching bonuses and monthly cashback schemes to incentive customers to move to them.

There are now a number of current account providers who offer £100 or more in switching bonuses and other rewards to new customers. This means it could be worth your while to make the switch, especially if you are not happy with your existing current account.

To help you make a decision, we have selected some of the current accounts offering the most generous terms to new customers. All of the current accounts below will earn you £100 or more in switching bonuses or cashback within the first year.

Co-operative Bank Current Account - £110 cash switching bonus + up to £5.50 per month

Switch to the Co-operative Bank Current Account and you can earn a switching bonus of £110 cash. To qualify you need to use the Current Account Switch Service and a move at least four active Direct Debits to your new account.

Sign up for the Co-op’s Everyday Rewards scheme and you can earn up to an extra £5.50 per month. That means you could get as much as £176 total over the first year that you have the account. This current account comes with no monthly fee and an online application can be completed in minutes.  

First Direct 1st Account - £100 cash switching bonus

If you open a 1st account with First Direct, you can get £100 cash as a joining bonus. To qualify for the bonus, you will need to switch your everyday banking to them with the Current Account Switch Service and pay in at least £1,000 during the first three months the account is open.

As an added bonus, if you decide the account isn’t for you and want to move again, First Direct will give you another £100 when you leave. To qualify for this you need to have paid in at least £1,000 a month for six months, not have banked with First before and you need to let them know you want to leave within 12 months of the account opening.

M&S Current Account - £185 M&S gift card when you switch and stay

If you switch your current account to M&S using the Current Account Switch Service, including at least two active Direct Debits, you will receive a £125 M&S gift card.

You will then be given an additional £5 per month onto the gift card for the first 12 months you keep the account, as long as you pay in at least £1,000 a month and two Direct Debits remain active. This adds up to £185 in total over the first year you have the account.

You will also get 5% AER/gross fixed for the first 12 months, plus a minimum £500 overdraft with the first £100 interest free.

Halifax Current Account - £75 cash switching bonus + £3 per month cashback

Halifax offer a £75 cash switching bonus when you move to their current account using the Current Account Switching Service. To qualify you must move all active credits and debits from your previous current account to your new one with Halifax.

You can also get £3 cashback per month as long as you pay in £750 a month or more, pay out two or more Direct Debits and stay in credit. This means in your first year, you would get £111 between the switching bonus and the cash back.

TSB Classic Plus Account - £120 cashback per year

Switch to the TSB Classic Plus Account and you can earn £5 cashback every month as long as you have at least two active Direct Debits. You’ll get another £5 a month if you spend with your debit card at least 20 times in that month. That adds up to £120 a year in cash back.

You will also get 3% AER variable interest on balances up to £1,500 as long as you pay in at least £500 a month, register for internet banking, paperless statements and paperless correspondence. There is also no monthly account fee to pay.

Things to bear in mind when switching your current account

Although switching offers can be tempting, you also need to think about your long-term needs. For example a Santander 1|2|3 Current Account will give you interest of 1.5%AER on your entire balance up to £20,000. The account also offers from 1-3% cashback on a range of household bills.

This means if you are likely to keep a significant balance in your account at all time, the interest and cash back you earn on this account could outweigh the benefits of a one-off switching offer or the monthly cash back on a different current account.

It is therefore a good idea to compare a wide range of current accounts when choosing which to switch to. That way you can make an informed decision about which current account offers the best match for your requirements, so you get the best possible deal for your day-to-day banking.

Find the best current accounts to switch to

Whether you want the best switching incentives, the most attractive interest rates or any other benefits, there are a wide variety of current accounts to match your requirements. Check out the range of current accounts on offer from across the market to see which offers the best deal for you.

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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

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