Bank with the highest interest rate uk
Some current accounts offer a higher rate of interest than standard accounts, depending on your balance or the amount you pay in every month. We compare high interest bank accounts from 2 banks. Our services are provided at no cost to you, but we may receive a commission from the companies we refer you to. A high interest account is either a current account or an account linked to your current account. You might be able to get one from your current bank or building society.
Compare high interest accounts
We use cookies to allow us and selected partners to improve your experience and our advertising. By continuing to browse you consent to our use of cookies. You can understand more and change your cookies preferences here. Max two accounts per person one must be joint. Managed via a mobile banking app. Max two accounts one must be joint. Linked savings account pays 0. On 5 May , Santander reduced the interest rate from 1.
From 3 August , the rate will be slashed again - to 0. Vantage must be added to your account. Max three accounts per person. Lloyds previously paid 1. Must pay out two direct debits. Max two accounts per person. Earn 0. Drops to 0.
The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand to a friend. We surveyed 4, members of the general public in September Open to new customers only.
Online offer only, not available in branch. Thereafter, the rate reverts to 0. This is the first time the building society has reduced the rate on its popular FlexDirect account since it was launched in November Existing FlexDirect members outside the introductory period of 12 months will have their credit interest rate reduced to 0. Find out more: Best and worst banks rated by customers. Given the poor rates of interest offered on savings accounts, many savers are opening multiple high-interest current accounts to maximise their returns.
The drawback with this type of account is that banks apply restrictions, such as minimum monthly payments. However, we explain how you can work within these rules to beat the limits and make the most of your cash savings. Our table above shows you the best rates available on current accounts, along with the number of accounts you can open. Each account limits the balance on which you can earn interest but, in most cases, banks will allow you to open a second main or joint account , essentially doubling that amount.
Watch out for accounts with tiered interest where you get a higher rate for having a higher balance as you must have a balance within the top tier to earn the top rate of interest. At lower tiers, these accounts become less competitive. Banks often offer cash incentives to attract new customers - we compile the latest current account switching incentives here - and switching should only take seven working days. Recommended Provider for current accounts, earning the top star rating for customer service and its mobile, telephone and internet banking.
The easiest way to do this is to set up standing orders instructions to your bank to pay a set amount at regular intervals to another account so that the transfers take place automatically every month. This means you meet the requirements of all the accounts and earn the most interest possible on the whole sum.
Find out more: Direct debits and standing orders - which is better for regular payments? Money Compare content is hosted by Which? Limited on behalf of Which? Financial Services Limited. Coronavirus Read our latest advice. In this article. Bank accounts for credit interest Bank account switching offers. More info On 5 May , Santander reduced the interest rate from 1. More info Earn 0. Data correct as of May Which?
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Find the best interest rate savings accounts & maximise your returns with Martin Following the Bank of England's emergency base rate cuts, some top rates. Current accounts are paying better rates than most savings accounts. Here are the best high interest bank accounts for credit balances of £
The Bank of England's decision to slash interest rates to a record low is starting to hammer the savings market as expected. Savings made simple: the best savings platforms. The Bank of England has recently cut its Base Rate twice, leaving it at a historic low of 0. Savers haven't yet felt the full effect of these cuts as they can take a while to filter through the market, but we're already seeing some changes for the worse.
See what you need to know about how savings accounts work and what to consider when choosing an account.
High-interest current account comparisons by Runpath Regulated Services [1]. You want your money to work as hard as possible for you, and a high-interest current account can help.
Best high interest bank accounts
We use cookies to allow us and selected partners to improve your experience and our advertising. By continuing to browse you consent to our use of cookies. You can understand more and change your cookies preferences here. Max two accounts per person one must be joint. Managed via a mobile banking app.
High-interest current accounts
All rates subject to change without notice. Please check all rates and terms before investing or borrowing. There is no cost to you. Our service is entirely free and you don't need to share any personal data to access our comparison tables. We research the whole market and scour the small print so you can find the best products for your needs. In exchange for storing your money and paying out interest, providers get a cache of funds that they can use to provide loans to other customers, in the form of mortgages for example. Considering these banks and building societies are getting something out of your savings as well, they should not charge you any fees to save with them. This is per banking group, too, so you could spread your funds around multiple providers to keep all of it protected against the worst-case scenario. So, the key characteristics of savings accounts are that they offer to keep your cash safe while allowing you to get some extra money through an agreed-upon variable or fixed rate of interest on your pot.
Use this comparison to find the account with the highest interest rate.
The top rate you can currently earn from a nationally available savings account is 1. That's 25 times the national average for savings accounts and it's just one of the top rates you can find in our rankings below. Culled from our weekly rate research on more than banks and credit unions that offer nationwide savings accounts, even the fifteenth-best rate on the list pays 1.
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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. Representative The information shown covers all of their main current accounts, not just specific to 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. Exclusive offers with this account - Free access to preferential rates, exclusive offers and discounts at World. Driving lessons - preferential deals - For those aged 17 and over. Credit cards - preferential terms - Eligible for Select Credit Card. Loans - preferential terms - Discounted rates on loans. Savings - preferential terms - Eligible for Flexclusive accounts. Cashback on debit card purchases - Eligible for Retailer Offers, customers must use online or mobile banking to qualify. Exclusive offers with this account - Access to Santander World Offers.
Best High Interest Current Accounts
Whether it's for a rainy day or for a one-off big purchase, it's crucial to make your savings work hard for you. These accounts are our Best Buys. All interest rates are AER - the annual equivalent rate. If you're looking for an account where you can access your money quickly, then a no-notice deal is a good idea. Just remember, the interest rate on these accounts is variable so it could decrease down the line. Also, watch out for sneaky terms and conditions - not all easy access accounts offer unlimited withdrawals, so shop carefully. Marcus by Goldman Sachs 1. Saga Easy Access Savings Account 1. The rate includes a 0. If you are happy to wait a little while before accessing your savings, rates on notice accounts tend to be higher than easy access savings.
