High Interest Current Account

High Interest Current Account

Compare UK Current Account Deals That Pay High Interest

Earn up to 5% AER on your cash!

Some of the best rates of interest you will get on cash currently are on current accounts. Nationwide offer 5%  AER fixed (4.89% gross pa) in credit interest on balances up to £2,500 for the first 12 months – More info…

Account
Nationwide FlexDirect Current Account
Interest Rate
5.00%
AER fixed on balanced up to £2,500
Funding Required
£1,000 per month
Overdraft rate
0% for 12 months
Account
Nationwide FlexPlus Current Account
Interest Rate
3.00%
AER fixed on balanced up to £2,500
Funding Required
No minimum
Arranged Overdraft rate
50p per day
Account
Santander 1|2|3 Current Account
Interest Rate
1.50%
AER fixed on balances up to £20,000
Funding Required
£500 per month
Overdraft rate
Up to £3 per day
Special Offers
Up to 3% cashback on household bills
Account
Santander 1|2|3 Student Current Account
Funding Required
£500 per term
Overdraft
£1,500 Interest Free increasing to £2,000
Details

A free 4-year Santander 16-25 Railcard which could save you 1/3 off rail travel in Great Britain

Account
Santander 1|2|3 Current Account
Interest Rate
1.50%
AER fixed on balances up to £20,000
Funding Required
£500 per month
Overdraft rate
Up to £3 per day
Special Offers
Up to 3% cashback on household bills
Account
NatWest Reward Platinum Current Account
Special Offer
2% in Rewards on 7 types of household bills. Family worldwide travel,mobile phone insurance, car breakdown cover and up to 40% off cinema tickets
Funding Required
£1,500 to qualify
Account fee
£20 per month
Account
NatWest Reward Silver Current Account
Special Offer
2% in Rewards on 7 types of household bills. Personal European travel, mobile phone insurance, up to 40% off cinema tickets
Funding Required
£1,500 to qualify
Account fee
£10 per month
Account
NatWest Reward Current Account
Special Offer
2% in Rewards on 7 types of household bills
Funding Required
£1,500 to qualify
Account fee
£2 per month
Account
Card One Money Current Account
Adverse Credit
Details
No credit checks - open to everyone with guaranteed acceptance. Help manage your money. Account comprises of a Billing Account for money in and to pay your bills from, plus a Debit Mastercard for your every day spending
Cashback
Account
Santander 1|2|3 Student Current Account
Funding Required
£500 per term
Overdraft
£1,500 Interest Free increasing to £2,000
Details

A free 4-year Santander 16-25 Railcard which could save you 1/3 off rail travel in Great Britain

Account
Nationwide FlexAccount Current Account
Funding Required
No minimum
Arranged Overdraft rate
18.9%
Account fee
No fee
Account
NatWest Select Current Account
Account fee
No fee
Funding Required
£1,500 (for switch offer)
Switch Reward
£125
for switching into account
Account
Santander 1|2|3 Student Current Account
Funding Required
£500 per term
Overdraft
£1,500 Interest Free increasing to £2,000
Details

A free 4-year Santander 16-25 Railcard which could save you 1/3 off rail travel in Great Britain

Account
Cash Plus Gold Deluxe Bank Account
Adverse Credit
Details
No credit checks to open an account. Free withdrawals. Direct Debits and Online Banking. Option to borrow up to £250. Add 'Creditbuilder' to improve your credit rating at no extra cost
Option to borrow money
Account
Card One Money Current Account
Adverse Credit
Details
No credit checks - open to everyone with guaranteed acceptance. Help manage your money. Account comprises of a Billing Account for money in and to pay your bills from, plus a Debit Mastercard for your every day spending
Cashback

With the Bank of England Base Rate falling to historical lows over the last 5 years, there are not many current account providers who pay what you would call high interest on the account balance.

While the Base Rate increased last month by 0.25% banks are in no hurry to pass this rate rise onto customers.

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.

Currently the highest paying interest current account in the UK presently is the Nationwide Flex Direct Account paying 5% on up to balances of £2,500. After a year the account drops to 1%.

You could also consider their FlexPlus Account which pays a lower 3% on or up to £2,500, but with the rate staying at that level. However to get this deal a monthly fee of £13 is charged for the privilege.

For savers with larger deposits of money Santander 123 Account pay 1.5% on balances up to £20,000 plus you get 3% cashback on household bills paid from your account. This account comes with a monthly £5 fee.

It is in August and September that UK Banks start to bring out their latest student current account offerings. Banks are understandably keen to get your business. Research shows that one you set up a current account you are unlikely to move it.