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High-interest current accounts

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Why compare high interest current accounts with us?

We can help you find the right high interest current account for you.

  • It's quick and easy

    View our range of current accounts from leading providers.

  • See the features you need

    Compare interest rates offered, plus any incentives for switching.

  • Apply online in minutes

    Made your choice? Simply click through to the provider to apply.

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What is a high interest current account?

A high interest current account 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 those on offer on some easy access savings accounts.

Many of the best accounts will need you to meet certain conditions to benefit from the high interest rate, such as paying in at least £1,000 a month in to the account to qualify.

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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.

  • Shop around

    Find the current account that will pay you the highest interest, then check you can meet the terms and conditions.

  • 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.

How much can I earn in a high interest bank account?

There can be some attractive rates on high interest bank accounts. But be aware that these rates might be capped at a certain credit balance or be for an introductory period only.

There might also be a monthly or annual account fee on the account which could eat into your returns.

That said, there could be other incentives which make opening the account worthwhile, such as a one-off cash payment for switching your account. It’s important to look at all aspects of a new current account when weighing up your options.

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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.

  • Tick

    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

  • Cross

    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.

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.

As with all bank accounts in the UK, the provider will run a credit check before approving your application.

As well as being given the green light for the account, there might be other terms you need to comply with to get the high interest benefits or rewards, such as paying a minimum amount into the account each month. Always read the small print to avoid any unwelcome surprises after you open the account.

How to compare high interest bank accounts with MoneySuperMarket

MoneySuperMarket can help take the stress out of finding a high interest current account by comparing accounts from a range of leading providers

  • Browse our providers

    View a wide range of UK high interest current accounts to suit your needs.

  • Filter and sort

    Filter by interest rate, switching incentives, fees or even customer service scores.

  • Click through to apply

    Found the account you want? Click through to the provider to start your application.

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