High Interest Current Accounts
Compare Mobile & High Interest Current Accounts
High Interest Current Account Offers
- Access to Regular Saver Account paying 7% AER/Gross fixed for 12 months if saving between £25 and £300 a month (up to £3,600 per year)
- £250 interest-free overdraft (subject to status)
- No minimum monthly funding
- No monthly account fee
- Mobile banking app
- No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK
- UK based contact centre
- Easy switching with the Current Account Switch Service
- Must be 18 or older
- Must be UK resident
- Earn 1% cashback on everyday debit card spending, including contactless. Available for your first 12 months for new customers. Max £15 per month. Cashback exceptions apply
- Access to a Chase saver account paying 4.1% AER (4.02% gross) variable. Interest is earned daily and paid monthly. Easy access to your money with no minimum opening balance
- 5% interest on a round up account- choose to round up your spending to the nearest £1 and you’ll get 5%AER (4.89%gross) variable interest on your round up account, paid monthly
- Zero fees from Chase when you use your Chase debit card, both at home and away
- No ATM fees applied by Chase
- Open extra current accounts in seconds, for free. Use them to spend from, pay bills with Direct Debits, budget, and set aside money in the way that works best for you
- Must be 18+, be a UK resident and have a smart phone and UK mobile number
- No account opening fees and no monthly fee
- No minimum monthly funding
- In-app card control – you decide how and where your card works. You can stop it from making contactless or gambling payments, from working abroad, or from making cash withdrawals
- Numberless card – your card details are stored in the app, so no one can see them but you
- 24/7 customer support – either over the phone or in app message
- 3.50% AER/3.45% gross (variable) on balances up to £25,000
- 1% cashback (up to £15 a month) on selected household bills when you pay by Direct Debit
- 1% cashback (up to £15 a month) at supermarkets and on travel costs when you use your debit card (exclusions apply)
- Free to use Santander Edge Up debit card outside the UK
- Get cashback, vouchers, prize draws and personalised offers with Santander Boosts , free rewards service
- Must be 18 or older and live in the UK permanently
- Monthly fee of £5
- Must pay a minimum of £1,500 into the account each month
- Must have 2 active Direct Debits
- Arranged overdraft available (subject to status)
- Arranged overdraft interest rate of 39.94% APR / EAR (variable)
- Earn 1% cashback every month on selected household bills paid by Direct Debit, capped at up to £10 each month
- Earn 1% cashback every month on supermarket and travel spend when you use your debit card, capped at £10 each month
- Access to Santander Edge Saver with 7.00% AER / 6.78% gross (variable) interest up to £4,000 with 2.50% AER / 2.47% gross (variable) bonus rate for the 12 months from opening
- Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts
- No fees or charges for international payments or CHAPS payments
- Arranged overdraft interest rate of 39.94% APR/EAR (variable)
- For cashback on household bills and essential spend, you must pay a minimum of £500 into your account each month, have 2 active Direct Debits, be over 18 and live in the UK permanently
- Paper-free account
- To be eligible for Santander Boosts, you must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking
- £3 monthly fee
What current accounts pay high interest?
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.
What is the best student current account?
Some of the best rates of interest you will get on cash currently are on current accounts. E.g Santander offer 0.60% AER fixed in credit interest on balances up to £20,000 for the first 12 months.
You can also benefit from switching your account. A number of banks now offer switch incentives.
The good news is that switching is a lot easier than it used to be – basically the new bank account provider will do all the work in setting up your direct debits and standing orders etc.
Things to consider:
- Do you need an overdraft facility? High interest current accounts rarely offer attractive overdraft facilities, so if this is a priority then you may be better looking for a current account with competitive overdraft fees.
- Are you looking to use your debit card on a regular basis abroad? If this is important then you should look at a options provided by some of the new mobile bank current account providers such as N26 and Monese.
- Monthly account fees. Make sure the fees you pay outweigh the benefits of the account.