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High Interest Current Accounts

Starling Bank

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If you use an arranged overdraft of £1,200 a 15% EAR will apply. Interest on your balances: 0.05% AER on balances up to £85,000. 2019 Best British Bank Winner - Best Current Account Provider.

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    When deciding on a new current account to switch to, one consideration that might sway you is how much the interest rate is. If you have a large amount to transfer over it will mean that you will earn interest on that amount every month, without having to do anything at all.

    High interest current accounts are ideal for those wanting to save money each month, adding an additional perk to think about when you’re thinking about opening a new current account, or switching from an old current account.

    What is a high interest current account?

    A high interest current account is the same as a standard current account, but with an added rate of interest that means you will earn money on whatever balance you have each month.

    The interest rate can be around 3-5% depending on the provider, which can sometimes be better than some savings accounts. The majority of high interest current accounts will also set a cap on how much of your balance is eligible for earning interest.

    Which is the best high interest current account for me?

    The best high interest current account for you is clearly the one with the highest interest rate, but there are other considerations you should think about before making a final decision. These include:

    • Monthly fees - whilst this might put you off, the fee might be to cover certain perks and a higher interest rate overall. If you can earn enough money through interest and cashback each month, you can still end up in profit.
    • Limited time interest rate – the high interest rate might be good, but double check if there is a time-limit on it as it might not be worth it if it’s too short
    • Overdraft – the overdraft facility can also be a factor, but if you have a lump sum then it might not be something that will sway you when it comes to making a final decision
    • Cap on interest – as mentioned above, there might also be a cap on the amount in your current account you can earn interest on

    Can I apply for a high interest current account?

    It all depends on how good your credit rating is, as this will affect your eligibility to apply for a high interest current account.

    Since the interest rate can sometimes be preferable to some savings accounts, this means that you might need to have a good credit rating in order to apply, as otherwise you will be rejected by current account providers. It’s always worth checking your credit report, as a rejection can damage your credit score.

    Which lenders offer high interest current accounts?

    Most major banks and building societies will offer high interest current accounts, so it’s worth shopping around to find the best one for you.

    If you can get a good balance of interest rate and perks, without a large monthly fee, then you will find a current account that is earning money just for using it.

    Our current account providers

    We work with a huge range of providers to give you a wide selection of current accounts to choose from, ensuring you can find an account that will assist you in managing your money.

    Each provider is screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best product from a reputable source.

    We have a wide range of current accounts from high street banks with thousands of branches to smaller challenger banks whose app-based current accounts can be accessed quickly and easily.

    Whether you are looking to switch to a standard current account, or find a student account with a free overdraft, you can easily browse our products and start comparing them today.

    Have a look through our list of providers to find the right current account for you.

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