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.