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Banking News Current Account Interest Rates Beat Savings Accounts 18470787


Current account interest rates beat savings accounts

Current account interest rates beat savings accounts

05 May 2010 / by Lois Avery

Current accounts could offer better credit interest rates than savings accounts according to new research from Defaqto.

The independent financial research company has found that some current accounts are now offering credit interest rates that surpass those available from savings accounts, with some as high as five per cent.

But new figures from Defaqto show that consumers could be missing out on these deals because only six per cent of adults change their current account each year.

The research showed that many people are concerned that switching their current account will interfere with direct debits or will go wrong in some other way, instead settling with their account even if the credit interest rate is low.

However, Defaqto is urging consumers to take advantage of introductory offers by switching accounts now.

David Black, banking specialist at Defaqto said: “Consumers should look at their current account and see if they can get a better deal elsewhere. There are some generous introductory deals available which include high credit interest rates, 0% introductory overdraft rates and even a £100 cash gift.”

“Don’t be afraid of the switching process because it is actually relatively seamless. The banks will do most of the legwork by arranging the notification of the change of account details with all the direct debits and standing order originators. The entire switching process will typically take between two and four weeks.”

For more current account deals click here »

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* Income payments and returns are dependent upon the FTSE 100 Index.

Provider Account Interest Rate (AER) Term Apply

2.20%

per annum

£5,000 Apply Now >
Earn 2.20% fixed interest – 3 year term – Minimum deposit £5,000 – No withdrawals permitted. FSCS Protected

2.02%

per annum

£5,000 Apply Now >
Earn 2.02% fixed interest – 2 year term – Minimum deposit £5,000 – No withdrawals permitted. FSCS Protected

2.40%

per annum

£1,000 Apply Now >
Earn 2.40% gross/AER fixed for 4 years. Save £1,000 – £250,000. No withdrawals during the term. Individual or joint accounts available. Annual or monthly interest. FSCS Protected

1.72%

per annum

£5,000 Apply Now >
Earn 1.72% fixed interest. 1 year term, save from £5,000 to £500,000, no additional deposits or withdrawals permitted, FSCS Protected

1.85%

per annum

£1,000 Apply Now >
Earn 1.95% gross/AER fixed for 3 years. Save £1,000 – £250,000. No withdrawals during the term. Individual or joint accounts available. FSCS Protected
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Provider Account Interest Rate Term Apply
  Up to
6 years
 
Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 5% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer.

* Income payments and returns are dependent upon the FTSE 100 Index.

Provider Account Interest Rate (AER) Term Apply
1.30% Instant Access More Info >
MARKET LEADING. Earn 1.30% gross/AER. Instant Access. No notice periods. Unlimited payments and withdrawals. Pay in from £100. RCI Bank are protected up to a total of €100,000 by the FGDR, the French deposit protection scheme. Manage account online.

1.22%

Instant Access More Info >
Earn 1.22% AER variable interest. Interest can be paid monthly or annually. Open an account singly or jointly. Minimum deposit £1. Unlimited deposits and withdrawals permitted. FSCS Protected
1.15% Easy Access More Info >
1.15% gross/AER. Instant Access. 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
1.00% Easy Access More Info >
1.00% gross/AER on balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest.

Gross is the interest you will receive before tax is deducted.

AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

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