Some accounts require a monthly payment, usually in return for some other benefits, which are often advertised as a package deal. Sometimes paying the fee could save you money if it means a lower overdraft interest rate or other money saving initiatives, but remember that free banking is still widely available, so don't pay for things you don't actually need.
Interest rates that are comparable with - or even better than - some savings accounts are now available for current accounts. However, this will usually only be for a portion of your account balance, often up to a set limit, so you may want to maximise your returns by placing any money above this amount in a separate savings account .
You'll also normally be required to pay in a minimum amount each month in order to qualify for the interest rate advertised.
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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