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This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 1.00%

Why we like it: Earn 1.00% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.

TSB Classic Plus Current Account

Described as the ‘current account that gives you plusness’, 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.

Unusually, you don't need to have any direct debits going out of the account if it's just the interest you want.

TSB also offer, as standard:

  • TSB Visa debit card with contactless option
  • An optional fee free £25 planned overdraft is available
  • An account with no monthly fees
  • Full access to your account online, through mobile banking or in branch
  • TSB also has the full £75,000 UK savings safety guarantee

The TSB Classic Plus pays 3% AER variable on the first £1,500 in your account, making it the top account for lower sums.

One of the biggest incentives on offer is the opportunity to earn 5% cashback a month on the first £100 of contactless payments.Take advantage of this and you could earn up to £104 in a year. Usually reserved for ‘cash back credit cards’ this is a great way to spend and see some returns.

What is cashback?

Cashback, defined simply, is money back from the purchases you make. So at 2% you would earn back £2 if you paid £200 for something. These small savings do add up so it’s very worth pursuing cashback deals on items you would usually buy and this offer is a great way to get started with cashback and contactless payments.

Useful Information to Know

  • The interest rate will be 3% on up to £1,500.
  • You can earn £5 cashback every month just for having two Direct Debits per month.
  • Plus another £5 cashback every month if you spend with your debit card at least 20 times a month

With this account you must log in to your internet banking regularly to check your paperless correspondence. If you don’t log in within 12 months, TSB may have turn off your paperless correspondence, which will mean you won’t get your interest.

Overall, this account is particularly great for those people who pay in lower sums each month. The £25 fee free overdraft is a safe way to avoid accidental bank charges and keep your finances in order.

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