High Interest Current Accounts

High Interest Current Accounts

Compare UK Current Account Deals That Pay High Interest

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
Overdraft rate
0% for first £250
Account
Santander 123 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
Account
First Direct 1st Current Account
Switching Incentive
Free Gift
(worth up to £150)
Funding Required
No minimum
Overdraft rate
0% for first £250
Account fee
Free if funding over £1,000 per month
Account
Nationwide FlexAccount Current Account
Funding Required
No minimum
Overdraft rate
0% for first 3 months
Account fee
No fee
Account
NatWest Student Bank Account
Funding Required
No Minimum
Overdraft
£500 Interest Free increasing to £2,000
Details

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Account
Nationwide FlexStudent Bank Account
Funding Required
£500 per term
Overdraft
£1,000 increasing to £3,000 in year three
Details

The UK’s only fee-free student current account. Interest-free and fee-free overdraft

Account
Santander 123 Student Current Account
Funding Required
£500 per term
Overdraft
£1,500 Interest Free increasing to £2,000
Details

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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.