High Interest Current Accounts | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

High interest current accounts explained

Savings accounts used to be the only sensible place to put your hard-earned cash, but due to the effect of inflation, it can be difficult to get a real return. Savvy savers will therefore be looking for alternatives – and a high interest current account could be it.

Select from the filters to refine your results and find what you are looking for Show
Select from the filters to refine your results and find what you are looking for:

Nationwide BS Logo
Nationwide BS FlexDirect - Funded FSCS logo
FSCS logo
Overdraft Rate (EAR)
39.90%
Interest Rate (AER)
5.00%
Account Fee
N/A
Account Management
Not Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Switch incentive of £125 for existing holders, £100 for new when switching two active direct debits using CASS
At least £1,000 must be paid in per month
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200 charged at 39.90% EAR Variable. Representative 39.9% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £1000.00 Per Month
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £1500.00
4.89%
5.00%
£1500.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 97% 0 days 4 days
Get a debit card 0% 7 days 12 days
Get internet banking 0% 9 days 14 days
Get an overdraft 0% 7 days 12 days
Replace a lost debit card 0% 6 days 11 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
0.00% for 12 months
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.84% - Per Month
39.90%
Grace period
14:30 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
£0.00
Grace Period
14:30 same day
Monthly Maximum Charge
N/A
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.90%
0.00%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
39.9%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£3.26
£13.99
£28.37

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on switching account
- £100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.
Credit cards - preferential terms
- Eligible for Member Credit Card.
TSB Logo
TSB Under 19s Account - Age 16-19 FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
2.50%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Discounted AA driving lessons if aged 17
Account can only be opened in branch
Switch Service Guarantee member
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 16 Years / Max Under 19 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Account Sweeping
Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00 - £2499.99
2.47%
2.50%
£2500.00+
0.10%
0.10%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
No min, max £1.00 (Lower fee for withdrawals made within the EEA) / £1.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
1.50% (Min £2.00, max £4.50). 0.00% / 1.50% (Min £2.00, max £4.50)

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 65% 1 day 20 days
Get a debit card 0% 7 days 7 days
Get internet banking 82% 0 days 4 days
Get an overdraft 40% 6 days 5 days
Replace a lost debit card 0% 7 days 7 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
£0.00
Grace Period
N/A
Monthly Maximum Charge
N/A

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Driving lessons - preferential deals
- For those aged 17 and over. Discount on AA driving lessons worth £36 and discount on Pass Plus worth £20.
Virgin Money Logo
Virgin Money M Plus Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
19.90%
Interest Rate (AER)
2.02%
Account Fee
N/A
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable
Must open linked savings account
Switch Service Guarantee Member
Representative Example:Based on an overdraft limit of £1200 charged at 19.90% EAR Variable. Representative 19.9% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Offset Option
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £1000.00
2.00%
2.02%
£1000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 83% 1 day 18 days
Get a debit card 0% 4 days 7 days
Get internet banking 100% 0 days 0 days
Get an overdraft 0% 5 days 11 days
Replace a lost debit card 0% 4 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.90%
Grace period
15:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.90%
Refused Payment Fee
Up to £4.00
Grace Period
15:00 same day
Monthly Maximum Charge
40.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
18.29%-34.05%
18.29%-34.05%
£4.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
19.9%-39.9%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£1.75
£7.51
£15.13

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Account switching incentive (other than cash)
- Apply online and complete a full current account switch using the Current Account Switch Service to receive 20,000 points. Customers must set up two direct debits, register for the mobile app, deposit at least £1K into a linked savings account within 45 days of account opening and close the original account.
Rewards website exclusive to account holders
- Rewards in-app, access to monthly prize draw, offers and discounts.
Savings - preferential terms
- Comes with linked M Plus Saver Account and access to exclusive ISA products.
Virgin Money Logo
Virgin Money Club M Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
19.90%
Interest Rate (AER)
2.02%
Account Fee
£14.50 pm
Account Management
Not Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable
£14.50 monthly fee payable
Switch Service Guarantee Member
Representative Example:Based on an overdraft limit of £1200 charged at 19.90% EAR Variable. Representative 19.9% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£14.50 Per Month
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Offset Option
Packaged Account
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £1000.00
2.00%
2.02%
£1000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 83% 1 day 18 days
Get a debit card 0% 4 days 7 days
Get internet banking 100% 0 days 0 days
Get an overdraft 0% 5 days 11 days
Replace a lost debit card 0% 4 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.90%
Grace period
15:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.90%
Refused Payment Fee
Up to £4.00
Grace Period
15:00 same day
Monthly Maximum Charge
40.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
18.29%-34.05%
18.29%-34.05%
£4.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
19.9%-39.9%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£1.75
£7.51
£15.13

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Account switching incentive (other than cash)
- Apply online and complete a full current account switch using the Current Account Switch Service to receive 20,000 points. Customers must set up two direct debits, register for the mobile app, deposit at least £1K into a linked savings account within 45 days of account opening and close the original account
Rewards website exclusive to account holders
- Rewards in-app, access to monthly prize draw, offers and discounts.
Gadgets or accessory insurance
- Yes - Free worldwide cover for account holder and family. Includes gadgets against theft, accidental and malicious damage, accidental loss (limited) and electrical or mechanical breakdown up to an original retail value of £2K and under 5 years old at point of claim. Also covers accessories, involved in the incident, up to £250 per claim. 2 claims per 12 months. Excess up to £50.
Mobile phone insurance
- Yes - Free worldwide cover for mobile phones against theft, accidental and malicious damage, loss and electrical or mechanical breakdown up to £2K including VAT. One phone per account holder. Also covers accessories, involved in the incident, up to £250 per claim. Unauthorised charges cover - up to a maximum of £1,200 per claim for a contract phone or £100 for pay as you go. 2 claims per 12 months. Excess £75.
Savings - preferential terms
- Comes with linked Club M Saver Account and access to exclusive ISA product.
Vehicle breakdown cover
- Free Green Flag Comprehensive Breakdown Cover including Roadside, Recovery, At Home and Onward Travel.
Worldwide insurance
- Yes - Free. Covers account holder, partner and up to 4 dependent children aged under 18. Max cover age 74 years old. Available on trips up to 31 days. Includes winter sports (limit 17 days), golf and wedding cover, can be upgraded to include business cover for an additional premium. Provides cancellation, delay, baggage and natural catastrophe travel cancellation and expenses cover. Talking Nurses - a telephone based service also available.
Santander Logo
Santander 123 Mini Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
2.00%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Interest paid on credit balances up to £2,000
Age restrictions apply
Switch Service Guarantee member
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 13 Years / Max Under 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00 - £999.99
1.00%
1.00%
£1000.00 - £1499.99
1.98%
2.00%
£1500.00 - £2000.00
2.96%
3.00%
£2000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 72% 0 days 4 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 0 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must be over 16 and use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card.
Exclusive offers with this account
- Free access to preferential rates, exclusive offers and discounts at 123 World.
NatWest Logo
NatWest Adapt Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
1.00%
Account Fee
N/A
Account Management
Not Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable
No direct debits or standing orders allowed
Account for ages 11-18
Go To Provider's Site
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 11 Years / Max 17 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Direct Debits
Standing Orders
Debit Card
Visa
Withdrawal Limit
£250

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
1.00%
1.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
0.00% / 0.00%
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
0.00% / 0.00%

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 0% 1 day 1 day
Get a debit card 0% 3 days 4 days
Get internet banking 0% 8 days 8 days
Get an overdraft 100% 0 days 0 days
Replace a lost debit card 0% 3 days 4 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
Grace Period
N/A
Monthly Maximum Charge

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Emergency Cash Service
- Free 24/7 Emergency Cash Service to withdraw up to £300 for online and telephone banking customers or £60 if not.
Santander Logo
Santander 123 Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
39.94%
Interest Rate (AER)
0.75%
Account Fee
£4.00 pm
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Interest paid on credit balances up to £20K
£4 per month account fee
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200 charged at 39.94% EAR Variable. Representative 39.9% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £500.00 Per Month
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£4.00 Per Month
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £20000.00
0.75%
0.75%
£20000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 72% 0 days 4 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 0 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
0.00% for 4 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.84% - Per Month
39.94%
Grace period
20:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
£0.00
Grace Period
20:00 same day
Monthly Maximum Charge
0.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.94%
0.00%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
39.9%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£3.27
£14.01
£28.12

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card or credit card
Cashback on operating account
- Cashback of 1% on communications & council tax bills and Santander mortgage payments up to maximum £1K per month capped at £5, 2% on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £5, 3% on water bills. All subject to minimum 2 DDs of household bills paid from account capped at £5.
Cashback on operating account
- From September, for two months, 4% cashback on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £10.
Cashback on switching account
- £160 cashback for accounts switched when 2 direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching using the Current Account Switch Service. Previous Account must be closed.
Exclusive offers with this account
- Free access to preferential rates, exclusive offers and discounts at 123 World.
Santander Logo
Santander Select Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Interest Rate (AER)
0.75%
Account Fee
£4.00 pm
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable up to £20,000
£4 per month account fee
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200. Up to £500.00 charged at 0.00% EAR Variable. Over £500.00 charged at 39.94% EAR Variable. Representative 27.1% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income: Min £5000.00 Per Month. Investable Assets: Min £75000.00. Savings: Min £75000.00
Account Fee
£4.00 Per Month
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£1000

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £20000.00
0.75%
0.75%
£20000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 72% 0 days 4 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 0 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
0.00% for 4 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
£500.01
2.84% - Per Month
39.94%
Grace period
16:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
£0.00
Grace Period
16:00 same day
Monthly Maximum Charge
0.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.94%
0.00%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
27.1%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£0.00
£0.00
£0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card or credit card
Cashback on operating account
- Cashback of 1% on water & council tax bills and Santander mortgage payments up to maximum £1K per month capped at £5, 2% on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £5, 3% on water bills. All subject to minimum 2 DDs of household bills paid from account capped at £5 and £500 credited each month.
Cashback on operating account
- From September, for two months, 4% cashback on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £10.
Cashback on switching account
- £160 cashback for accounts switched when 2 direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching using the Current Account Switch Service. Previous Account must be closed.
Exclusive offers with this account
- Free access to preferential rates, exclusive offers and discounts at 123 World.
Adviser offering financial services
- Free relationship manager
Emergency Cash Service
- Emergency cash service Worldwide.
Cards - Overseas use
- Foreign exchange fee as well as cash handling fee will be waived if a Santander branded cash machine is used in selected countries.
Santander Logo
Santander Private Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Interest Rate (AER)
0.75%
Account Fee
£4.00 pm
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable up to £20,000
Minimum funding required
ATM limit of £1,500
Representative Example:Based on an overdraft limit of £1200. Up to £500.00 charged at 0.00% EAR Variable. Over £500.00 charged at 39.94% EAR Variable. Representative 27.1% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income: Min £250000.00 Per Annum. Investable Assets: Min £500000.00. Savings: Min £500000.00
Account Fee
£4.00 Per Month
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£1500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £20000.00
0.75%
0.75%
£20000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 72% 0 days 4 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 0 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
0.00% for 4 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
£500.01
2.84% - Per Month
39.94%
Grace period
16:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
£0.00
Grace Period
16:00 same day
Monthly Maximum Charge
0.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.94%
0.00%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
27.1%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£0.00
£0.00
£0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card or credit card
Cashback on operating account
- Cashback of 1% on communication & council tax bills and Santander mortgage payments up to maximum £1K per month capped at £5, 2% on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £5, 3% on water bills. All subject to minimum 2 DDs of household bills paid from account capped at £5.
Cashback on operating account
- From September, for two months, 4% cashback on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £10.
Cashback on switching account
- £160 cashback for accounts switched when 2 direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching using the Current Account Switch Service. Previous Account must be closed.
Exclusive offers with this account
- Access to Santander 123 World Offers.
Adviser offering financial services
- Free relationship manager
Emergency Cash Service
- Emergency cash service Worldwide.
Cards - Overseas use
- Foreign exchange fee as well as cash handling fee will be waived if a Santander branded cash machine is used in selected countries.
Virgin Money Logo
Virgin Money Private Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
14.90%
Interest Rate (AER)
0.75%
Account Fee
£25.00 pm
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Not Available Online Available By Mobile Text Alerts Available
Additional Information
Free worldwide travel insurance
High net worth customers
Interest paid on credit balances
Representative Example:Based on an overdraft limit of £1200 charged at 14.90% EAR Variable. Representative 41.6% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income Joint: Min £100000.00 Per Annum. Income Single: Min £75000.00 Per Annum. Investable Assets: Min £100000.00 Per Annum
Account Fee
£25.00 Per Month
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Offset Option
Standing Orders
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.75%
0.75%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 83% 1 day 18 days
Get a debit card 0% 4 days 7 days
Get internet banking 100% 0 days 0 days
Get an overdraft 0% 5 days 11 days
Replace a lost debit card 0% 4 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.16% - Per Month
14.90%
Grace period
15:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.16% - Per Month
14.90%
Refused Payment Fee
Up to £4.00
Grace Period
15:00 same day
Monthly Maximum Charge
40.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
13.97%
13.97%
£4.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
41.6%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£1.33
£5.74
£11.54

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Rewards website exclusive to account holders
- Rewards in-app, access to monthly prize draw, offers and discounts.
Personal concierge
- Via Travel Insurer.
Mortgages - preferential terms
- Eligible for range of residential mortgages if borrowing is over £200,000, only available to private customers.
Savings - preferential terms
- Eligible for linked Savings Accounts and access to exclusive ISA products.
Airport lounge facilities/access
- Eligible for DragonPass Premier+, receive six free visits to airport lounges worldwide and discounts at selected airport restaurants. Additional visits can be booked via the app at a discounted rate.
Worldwide insurance
- Free worldwide family multi-trip travel insurance. The multi-trip travel insurance policy provides up to 31 days cover per trip and there's no annual limit on the number of times travel can be made. It includes up to 17 days winter sports, business and golf cover. The account holder and partner are covered, provided they live together and are under 75 years old, plus up to four dependant children under the age of 18. Includes cancellation, travel delay and lost/delayed baggage.
Note

Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per person per institution. Our data experts work tirelessly to make sure the rates and information we show are up to date and correct. Moneyfacts.co.uk Limited is an independent credit broker not a lender. We will receive a payment from credit providers where customers link to them from Moneyfacts.co.uk. None of these arrangements affects our independence.

Disclaimer

All overdrafts are subject to the applicant’s status. You may not be offered credit. All rates and fees are subject to change without notice. Please check all rates and terms before borrowing.

Quick Links

Quick links are where we have an arrangement with a provider so you can move directly from our site to theirs to view more information and apply for a product. We also use quick links where we have an arrangement with a preferred broker to move you directly to their site. Depending on the arrangement we may receive a modest commission either when you press a 'Go to Provider' or 'Speak to a Broker' button, when you call an advertised number or when you complete an application.

High Interest Current Accounts

Derin Clark

Derin Clark

Online Reporter

At a glance

  • The high interest rates paid on certain current accounts make them a great alternative to a traditional savings account.
  • Be aware of time limits and maximum deposits that may apply to the high rate of interest.
  • Many accounts require a certain amount to be paid in each month and/or charge a fee.
  • Don’t be blinded by switching incentives; always weigh up the package as a whole.

Using a high interest current account for saving

Savings accounts used to be the only sensible place to put your hard-earned cash, but due to the effect of inflation, it can be difficult to get a real return. Savvy savers will therefore be looking for alternatives – and a high interest current account could be it.

High interest current accounts are exactly as advertised – current accounts that offer high rates of interest on in-credit balances, or in some instances, cash rewards. These accounts are ideal if you’re seeking a decent return, as they often boast far higher rates of interest than most savings accounts – especially if you’re looking for easy access. Providers also actively compete for your business by offering a number of options and incentives.

As such, it’s little wonder that these accounts are increasingly being used as a savings vehicle, although they do have some downsides. They tend to have certain requirements, such as a minimum monthly funding amount, a time limit on the interest deal and – more often than not – an upper limit on the balance that they’ll pay interest on. They’re a lot like regular savings accounts in this respect, but usually with higher limits and easier access.

Things to watch out for

Providers use high interest rates to entice people who get a certain amount of money paid into their account every month. That's why they tend to have minimum annual income requirements and not pay the headline interest rate unless you pay in at least the minimum amount each month. It is also why some providers may offer extra cashback for direct debits and such, to ensure that you really are using their account as your main account.

While some may do this simply to ensure your custom, providers may also charge a monthly fee in exchange for the benefits they are offering. Make sure that any fees do not outweigh the extra cash you are getting from interest. This goes not just for any straightforward monthly fees, but also for more hidden costs such as overdraft charges.

Bank accounts that offer competitive (i.e. low) overdraft charges are usually not the same ones that offer high interest. So, if you're someone who dips into the red on a regular basis, you may want an account with an overdraft deal instead. If, on the other hand, you're never in the red, then you don't need to watch out for such penalties when picking a new current account.

In summary, watch out for:

  • Account fees
  • Overdraft charges (read more on how overdrafts work here)
  • Funding requirements (so you don't miss out on interest)
  • Any other requirements that may affect cashback or other rewards the current account offers
  • Foreign usage fees (using your debit card abroad can be costly - consider a travel card instead)

Note that as with most financial products, current accounts are regulated by the Financial Conduct Authority (FCA), which keeps an eye on the market to makes sure fees and such aren't completely unreasonable.

Why and how would I switch bank accounts?

Many people get a bank account when they are young, maybe chosen and set up by their parents, and then keep using it for the rest of their life, never considering a change. Providers count on this loyalty, which is why you won't often find incentives added to your current account for free. If you want to get more out of your everyday banking, your best option is usually to switch.

You may have recently seen an advertisement from a bank or building society offering a switching incentive, such as £100, for moving over to them. While certainly tempting, it's important to consider the whole package before actually switching. If you can get 5% interest every year for the foreseeable future, this will likely end up being worth more than a one-off £100, especially if the account with the switching incentive comes with a monthly fee and the alternative doesn't.

There’s every chance that high interest accounts will offer higher rates than savings accounts. However, even if current accounts offer lower rates, there's still something to be said for using your current account as a high interest savings account. For one, the highest paying savings accounts -typically fixed rate bonds - tend to require you to set your funds aside for a long time, with no early access. A current account will generally allow unlimited easy access, as long as you fulfil the funding requirements.

Given that high interest accounts will only offer interest up to a certain amount, they are not convenient for stashing large amounts of money. A fixed rate bond as well as a competitive current account might be the best way to go.

If you've decided to switch to a high interest current account, remember that the provider will run a credit check, so make sure your credit score is up to scratch. With every credit check slightly reducing your credit score, you may also want to think twice about opening multiple high interest accounts, especially if you're planning to apply for a mortgage soon.

Once you've decided on a current account, and you're sure you fulfil all the eligibility requirements, the process should be straightforward. Check if the bank or building society you're looking to switch to is part of the Current Account Switch Service. This service guarantees that your account, including all your direct debits and standing orders, is switched over within seven days. Almost all providers will offer this nowadays, so you shouldn't have to do anything after your application has been accepted except wait for your new card and banking details.

Moneyfacts tip

Moneyfacts tip Derin Clark

Some people successfully maximise the interest and rewards available from high interest accounts by setting up multiple bank accounts and moving money between them. While this requires a lot of work and organisation, the rewards can be worth it.

Alternatives

What to do if your application is rejected? Well, most importantly, don't just apply for another account straight away. If your application was rejected due to a poor credit rating, do what you can to improve it first. If it was rejected because you don't quite fulfil the requirements, it might be time to look at alternatives.

To minimise the costs associated with having a bank account, you might want to look at either a free bank account or a bank account with an overdraft.

Alternatively, there are basic bank accounts, which don't tend to have overdrafts and may be great for people with bad credit, or guaranteed bank accounts, which usually don't have overdrafts and don't do credit checks, but do tend to come with monthly fees.

If a high rate of interest is not your priority, you could potentially consider a packaged account instead. These accounts typically offer travel insurance, mobile phone cover and breakdown cover, among other incentives, in exchange for a fee. However, making sure you really need the benefits on offer is key – as is checking they’re not available elsewhere for less. 

Compare High Interest Current Accounts

Sending money abroad

Find out how to send money abroad easily, securely and quickly using an international money transfer specialist. Our guide explains how it works and the costs involved.

Seasonal Banner Seasonal Banner

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Top banking guides

Rad All Banking Guides
guides icon
What is a continuous payment authority?

A CPA is a type of recurring payment, similar to a direct debit, whereby you give permission for a company to take money from your account using your card details.

A CPA is a type of recurring payment, whereby you give permission for a company to take money from your account using your card details.

Read More
guides icon
How does a current account overdraft work?

Overdrafts are a form of borrowing from your bank or building society, and they can be expensive, so it's important to compare the interest rate.

Overdrafts are a form of borrowing from your bank or building society, and they can be expensive, so it's important to compare the interest rate.

Read More
guides icon
Six tips to keep online banking safe

Innocent people who fall foul of internet bank account fraud can expect to be reimbursed if they have taken reasonable steps to keep their account safe.

Innocent people who fall foul of internet bank account fraud can expect to be reimbursed if they have taken reasonable steps to keep their account safe.

Read More

Ask us anything

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy