This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

High Interest Current Accounts

How much does your a/c pay?

There are not many current account providers who pay what you would call high interest on the account balance. Typically most banks and building societies pay either a nominal amount of interest or no interest at all. Some providers will pay higher interest on the first say £1,000 held on the account, and then pay a much lower rate on money held over this amount.

 

The comparison tables below should make the job of comparing different deals easier.

Interest Paying Current Accounts
 AccountInterest (AER)Overdraft RateFunding Required*Fee pmFeaturesApply
5.0%*0% for 12 months£1,000 per monthN/A5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year.More Info >

Nationwide FlexDirect Current Account

  • *5.0% AER fixed (4.89% gross pa) in-credit interest on balances up to £2,500 for the first 12 months
  • No monthly account fee
  • Paperless statements 
  • Visa Debit card and option chequebook 
  • Manage your account online, by phone or in branch
  • Mobile app
  • No fees on arranged overdrafts for the first 12 months 
  • Must be 18 or older
  • Overdraft charge of 50p per day after the first 12 months
  • Must pay a minimum of £1,000 into the account each month, from an external source (i.e. not another Nationwide account)

 

3.0%*0% for first £250No minimum £133.0% INTEREST on balances up to £2,500More Info >

Nationwide FlexPlus Current Account

  • *3.0% AER fixed (2.96% gross pa) in-credit interest on balances up to £2,500 
  • £13 monthly account fee
  • No fees on arranged overdrafts up to £250  
  • UK & Europe Breakdown Cover
  • Worldwide family travel insurance  
  • Free mobile banking app, text alerts and secure online banking
  • Must be 18 or older
  • Overdraft charge of 50p per day after the first 3 months
  • 0% interest on balances over £2,500 

 

There are current accounts with high interest rates available from certain UK banking organisations. If you open one of these current accounts you may be subject to certain terms and conditions, such as:

  • You may have to pay a minimum amount into your current account each month to receive the high rate of interest.
  • The interest rate may drop considerably after a set period, so it is wise to open the account with a substantial initial deposit to gain as much interest as possible in order to make the most of the high interest current account.


 

Switch Bank or Building Society


It is becoming easier to switch current accounts between banks and building societies because of electronic banking and employees who specialise in the switching process. In September 2013, most banks will be able to switch your current account in seven days, whether it is a high interest current account or an instant access current account with low interest.