The best High Interest Current Accounts from the whole UK Savings Market!
SavingsChampion.co.uk monitors the whole UK savings market (that's over 4,000 accounts) to bring together the best buys available.
The following savings best buy tables are also available:
- Easy Access
- Fixed Rate Bonds
- Variable Rate ISAs
- Fixed Rate ISAs
- Notice Accounts
- Regular Savings
- Children’s Accounts
- Cash Lifetime ISAs
- Cash Junior ISAs
Two ways to always ensure you get the best savings rate
- Bookmark this page and regularly check our best buy tables, such as the one below.
- You can also sign up to the FREE rate tracker email alert which will monitor savings account rates for you. You simply enter your email address and the names of the savings accounts you currently have. Then, not only will the system tell you if you are getting a good deal, but it will continuously monitor the market for you and email you when there are better deals out there than your existing account. When using the tool make sure you enter the correct balance for each of your accounts as some deals out there offer tiered rates - whereby the interest rate paid is dependent on your account balance.
Best High Interest Current Accounts
Below we list the top 5 high interest current accounts. It is worth checking the account summary for each account accounts (listed below the main table) as it explains the qualifying criteria and when the interest is paid.
|Nationwide Building Society||Virgin Money||Santander||Bank of Scotland||Lloyds Bank|
|Account name||FlexDirect Account||M Plus Account||1|2|3 Current Account||Vantage Current Account||Club Lloyds Current Account|
|Minimum opening balance||£0||£0||£1||£1||£1|
|How to manage the account||Branch, Cash Card, Mobile Banking, Online, Telephone||Branch, Cash Card, Mobile Banking, Online, Telephone||Branch, Cash Card, Mobile Banking, Online, Telephone||Branch, Cash Card, Mobile Banking, Online, Post, Telephone||Branch, Cash Card, Mobile Banking, Online, Telephone|
|How to apply||Branch, Online||Branch, Online||Branch, Online||Branch, Online, Telephone||Branch, Online, Telephone|
|Financial Services Compensation Scheme||Own Licence||Shared Licence (Clydesdale Bank)||Shared Licence (Cahoot)||Shared Licence (Halifax)||Own Licence|
Source: SavingsChampion.co.uk: Updated 02/12/2022.
Below we list the account summary for each of the bank accounts.
Nationwide Building Society
Interest rate reverts to 0.25% AER after the first 12 months. Rate also falls to 0.25% AER if a minimum of £1,000 is not deposited each month during the first year. Interest is only paid on balances up to £1,500. Interest is paid on the first day of each month. New customers can apply online but will be required to bring ID into a Nationwide branch to complete their application process. Existing customers may also be required to do this. Existing customers can apply in a branch, online or via a mobile banking app.
If you're 18 or over, you can apply for this account online or over the phone. If you're 16 or 17, you can open it in some branches. Interest is only paid on balances up to £1,000. Interest is paid monthly.
Account has a monthly account fee of £4. Interest rate is only paid on balances up to £20,000. Balances above £20,000 do not receive any interest. Interest is paid monthly.
Bank of Scotland
Vantage can be added to an existing account or selected when applying for a new account. A minimum of £1,000 is to be paid into the account each month. You must stay in credit and pay at least two separate Direct Debits from your account each calendar month to qualify for the advertised interest rate. 0.60% AER is paid on balances up to £4,000, 1.50% AER is paid on any part of the balance between £4,000 and £5,000. Balances above £5,000 will not receive any interest. Interest is paid on the 2nd of each month.
A minimum of £1,500 must be deposited into the account each month in addition to 2 active direct debits. If this is not met there will be a £3 monthly fee and no interest will be applied on the month that you didn't meet the conditions. 0.60% interest is paid on balances up to £4,000. 1.50% interest is paid on balances between £4,000 - £5,000 and no interest is paid on balances above £5,000. Interest is paid on the 1st of every month.
Source: SavingsChampion.co.uk: Updated 11/11/2022.