Compare High Interest Current Accounts

  • Some current accounts pay interest on in-credit balances.
  • Make your everyday money work for you by earning interest on your current account balance.
  • Compare rates on interest-paying accounts currently available in the UK.

What type of current account are you looking for?

  • Nationwide logo

    Nationwide FlexDirect

    • 5% AER on balances up to £2,500 for the first 12 months (conditions apply)
    • Fee-free overdraft for 12 months (subject to approval)
    • No monthly fee
    • Share £200 with a friend when they switch their main current account to Nationwide (terms apply)
    • Maximum Interest (AER) [?]
      5%
    • Switching Incentive
      None
    • Minimum Monthly Credit
      £1,000
    • Monthly Fee
      Free

    Interest details

    • 5.00% AER (4.89% gross p.a.) for in-credit balances up to £2,500 (fixed for the first 12 months) if you pay in at least £1,000 per month.
    • After the first 12 months the rate reverts to 1.00% variable.
    • No interest on balances over £2,500.

    Overdraft details

    • 0% overdraft in the first 12 months, 39.9% EAR/AER (variable) thereafter.
  • Nationwide logo

    Nationwide FlexPlus

    • Includes worldwide travel insurance, mobile phone insurance, breakdown cover and extended warranty
    • Share £200 with a friend when they switch their main current account to Nationwide (terms apply)
    • Maximum Interest (AER) [?]
      0%
    • Switching Incentive
      None
    • Minimum Monthly Credit
      None
    • Monthly Fee
      £13
  • Santander logo

    Santander 1|2|3 Current Account

    • 1% cashback on water and council tax bills and on your Santander monthly mortgage payments (up to maximum of £1,000)
    • 2% cashback on gas and electricity bills and on Santander home insurance premiums (policies administered and underwritten by Aviva Insurance Limited)
    • 3% cashback on mobile, home phone, broadband and paid for TV packages
    • Maximum Interest (AER) [?]
      1.5%
    • Switching Incentive
      None
    • Minimum Monthly Credit
      £500
    • Monthly Fee
      £5

    Interest details

    • 1.50% AER/1.49% gross (variable) interest on your entire balance up to £20,000

      Cashback Details
      To get cashback on your household bills and interest on your balance, just follow these steps:
    • Pay at least £500 into your account each month - any interest paid and payments between Santander personal accounts you're named on won't count towards this
    • Have at least two active Direct Debits - you'll receive cashback on any qualifying household bills you pay by Direct Debit

    Overdraft details

    • You could get a 4 month fee-free Arranged Overdraft when you switch to us. (Overdrafts are offered depending on your circumstances.)
    • The Arranged Overdraft Usage Fee will depend on the amount you use:
    • Below £2,000 - £1 a day
    • £2,000 to £2,999.99 - £2 a day
    • £3,000 and over - £3 a day
    • Unarranged Overdraft Usage Fee - £6 per day
  • TSB logo

    TSB Classic Plus Account

    • Get £50 for switching. Apply by 02/01/2020. You must complete a full switch, transfer all credits/ debits, register 2+ active direct debits and pay in £500+
    • If the offer conditions are met by 24/01/2020, payment will be made into your new TSB account by 28/02/2020. Must be a UK resident
    • Earn 3% AER (variable) on balances up to £1500 by crediting £500/month, register for internet banking, paperless statements and correspondence
    • Maximum Interest (AER) [?]
      3%
    • Switching Incentive
      None
    • Minimum Monthly Credit
      £500 (to earn interest)
    • Monthly Fee
      Free

    Interest details

    • 3% AER / 2.96% gross variable interest paid on balances up to £1,500 only. To earn interest (which is paid monthly) just pay in a minimum of £500 a month and register for Internet Banking, Paperless Statements and Paperless Correspondence.

    Overdraft details

    • Assumed arranged overdraft of £1,200: 0% EAR up to £35, then 19.84%, £6 usage fee.
  • Starling Bank logo

    Starling Bank Current Account

    • Bank on the go with 100% mobile banking
    • Zero monthly fees
    • Get set up in minutes from your phone
    • Real time balance and instant payment alerts
    • Maximum Interest (AER) [?]
      0.5%
    • Switching Incentive
      None
    • Minimum Monthly Credit
      None
    • Monthly Fee
      Free

    Interest details

    • 0.5% AER on balances up to £2,000
    • 0.25% AER on balances up to £85,000

    Overdraft details

    • Manage your overdraft with an adjustable in-app slider
    • Close your overdraft any time with a few taps
    • Interest of 15% is accrued daily and updated clearly in the app
Please note: Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. You can use the options above the table to order it according to various criteria.

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High Interest Bank Accounts FAQs

What is a high interest bank account?

Who might want to take out a high interest bank account?

Will I be taxed on my interest earnings?

Can anyone open a high interest bank account?

How do I apply for a high interest bank account?

Can I switch my account to a high interest account?

Helpful links for current account issues

Financial Conduct Authority (FCA) - The UK financial regulator's website features lots of useful information for banking customers covering everything from knowing your rights to how to stop unauthorised payments.

Financial Service Compensation Scheme (FSCS) - The FSCS is the best place to find out if your bank is covered by the compensation scheme and for advice on making a claim.

Financial Ombudsman Service - If you've complained to your bank and are still having ongoing problems then the Financial Ombudsman is the next step - their website covers everything you need to know about making a complaint.

Money Advice Service - The government's Money Advice Service provides unbiased advice on choosing, opening and managing a current account.

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