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High-interest current accounts
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What is a high interest current account?
A high interest account is a current account that pays you a competitive rate of interest on your balance when you’re in credit. In some cases the interest rate on offer may be higher than on some easy access savings accounts.
Many of the best accounts will need you to meet certain conditions to benefit from this interest rate, such as paying in at least £1,000 a month to the account to qualify.
How to choose the best high interest current account
There are a range of current accounts available with different terms and conditions. Shop around and read the small print to get the best account to suit you.
Switching incentives
Compare the perks you can get for switching, such as cashback or insurance. But be wary of any monthly or annual fees attached to accounts.
Be ready to switch again
Make a note of when the high interest offer comes to an end, and search for a better deal when the time comes.
What are the pros and cons of a high interest bank account?
Opening a high interest bank account can be a smart way of making your money work harder. But weigh up the pros and cons first.
The pros
- Earn a higher rate of interest on your balance (limits usually apply)
- May offer a linked savings account with a competitive rate
- Switching incentives such as cashback and insurance
The cons
- High rates are often introductory offers that end after 12 months
- You may have to pay in a certain amount each month to earn the rate
- You may be charged a monthly fee and overdraft charges can be high
What are the alternatives to a high interest current account?
A high interest current account is not the only option to get a return on your money – especially if you’re looking for a long-term home for your savings. Alternatives to try include…
Individual Savings Account (ISA)
None of your interest is taxed in an ISA. You can save up to £20,000 in a cash ISA or stocks and shares ISA each tax year.
Fixed rate bonds
Earn a guaranteed rate of interest for a set length of time, such as one year or three years, with a fixed rate bond. Ideal for those who have a lump sum to save.
Savings accounts
There are a variety of savings options including easy access and notice accounts and regular saver accounts. Interest rates and terms will vary widely.
Why compare high interest current accounts with us?
MoneySuperMarket can help take the stress out of finding a high interest current account by comparing accounts from a range of leading providers
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View the best high interest current accounts for your needs including any incentives to switch
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Found the account you want? Click through to the provider to complete your application
What do interest rates mean?
Will my interest rate be fixed?
Is it easy to withdraw money from a high interest bank account?
Interest rates on high interest current accounts indicate how much you will earn on the balance in your account. For example, if you have £1,000 in your account and the interest rate is 5%, each year you stand to earn an extra £50 on your balance.
Interest rates for high interest current accounts can vary depending on your balance. For example, a bank might pay 5% interest on balances up to £500, but for any extra money in your account above this amount, you might receive a much lower interest rate. The best rates may also only be available for an introductory period when you sign up, such as the first 12 months, for example.
Yes. A high interest current account is designed to be used for day-to-day banking, so you can generally put money in – or take money out – whenever you like.
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