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High interest current accounts
Compare high-interest bank accounts.
Earn a £15 reward when you switch
Current accounts with the best interest rates
Last updated: 12 December 2025
5% interest on balances up to £500
Student Account
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Interest Rate
5% AER
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Arranged overdraft
Yes (subject to eligibility)
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Account fees
None
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Rewards and other perks
Receive 5% AER/4.89% gross variable
Important information & opening criteria
Account details:
Interest rate: 5% AER interest on in-credit balances up to £500
Overdraft: Interest and fee-free tiered arranged overdraft
Other Perks: Receive 5% AER/4.89% gross variable interest on balances up to £500
Important information:
You can then apply to increase the overdraft to £1,000 in months seven to nine and from month ten up to £1,500 – helping you to manage your spending over your first year. UK resident 17+, Eligibility for overdraft: UK resident 18+
High interest for under 18s
1|2|3 Mini Current Account
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Interest Rate
3% AER
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Arranged overdraft
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Account fees
None
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Rewards and other perks
3% interest on balances from £1,500-£2,000
Important information & opening criteria
Account details:
Interest rate: 3% AER interest on in-credit balances between £1500 and £2000
Overdraft: No overdraft facility
Other Perks: 3% interest on balances from £1,500-£2,000
Important information:
Under 13s: account must be opened in branch and in trust and managed by an adult.
£200 when you complete a full switch, set up 2 household Direct Debits and pay in £1.5k within 60 days. Offers can be withdrawn at any time. T&Cs/eligibility apply
£200 to switch + interest on your balance + no debit card fees abroad
Edge® Up Current Account
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Interest Rate
2.5% AER
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Arranged overdraft
Yes (subject to eligibility)
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Account fees
£5 /month
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Rewards and other perks
£200 when you switch to a Santander Edge Up current account (T&Cs apply)
Important information & opening criteria
Account details:
Interest rate: 2.5% AER interest on in-credit balances up to £25000
Overdraft: 0% arranged overdraft for first four months for switchers
Rewards: £200 when you switch to a Santander Edge Up current account (T&Cs apply)
Other Perks: Access to Santander Regular Saver. 5.00% AER/Gross (fixed) for 12 months. Save up to £200 per month
Important information:
For £200 cash you'll need to use Current Account Switch Service, complete the full switch, set up 2 active household Direct Debits and pay in £1,500 within 60 days. Offer can be withdrawn at any time. T&Cs apply. £5 monthly fee. You must be 18 or over and live in the UK permanently to open the account. To earn cashback, you must pay in £1,500 each month and set up 2 active Direct Debits.
What is a high interest current account?
A high interest current account is a bank account, or building society account, that pays you a competitive rate of interest on your balance when you’re in credit.
You will usually need to meet certain conditions to qualify, such as paying at least £1,000 a month into the account, or maintaining a certain balance.
In return for meeting those conditions, you’ll typically get a fixed-term interest rate that’s higher than average, compared with other more widely available savings accounts. But with the proviso that the higher interest rate is likely to be capped at a certain balance.
How do they work?
Apply to open the account: You can do this online in the same way as you apply for any bank account, using the switch guarantee service if you want to close your existing account.
Note the terms and conditions: High interest bank accounts may only pay the higher interest rate up to a set balance and for a certain length of time.
Start earning interest: You won’t need to do anything to receive the interest, it should just be paid straight into your account, usually on a monthly basis.
Use the account as normal: A high interest current account gives you easy access to your money so you can deposit or spend as usual.
What are the main features of high interest current accounts?
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Competitive interest rate
These accounts offer a higher rate of interest on your balance compared to standard current accounts, helping your money grow.
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Balance limit
The higher interest rate is usually only available on balances up to a certain limit, beyond which the interest rate may decrease.
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Monthly funding requirement
You may need to deposit a minimum amount each month to qualify for the higher interest rate.
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Interest payments
Interest is typically paid monthly, directly into your account without any additional action required.
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Easy access
High interest accounts allow you to access your money easily, just like a regular current account.
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Additional benefits
Some high interest accounts may offer extra perks, such as cashback, insurance, or discounts alongside the interest earned.
Can I switch my high interest bank account?
Switching your high interest bank account is similar to switching a regular current account. Many banks are part of the Current Account Switch Service. Here’s what to expect:
Starting the switch: First, check if your new bank is signed up to the Current Account Switch Service. Once confirmed, you can begin the switch process.
Your new account is set up: Seven working days before your switch date, your provider will start setting up your new account. Avoid setting up new payments during this period to ensure a smooth transition.
Redirect upcoming payments: Make sure any future payments are directed to your new high interest account. Some providers may require you to manually redirect payments for a specific timeframe.
What are the advantages of switching high interest bank accounts?
Switching your high interest bank account can offer several benefits, including:
Higher interest rates: If the introductory high interest rate on your current account has expired, switching to a new provider could give you access to a better rate.
Cash incentives: Many banks offer cash bonuses for switching, giving you free money just for opening a new account, often with conditions like a minimum deposit.
Improved account features: Switching accounts may give you access to additional perks, such as better mobile banking features or enhanced customer service.
Access to rewards: Some high interest accounts also offer rewards or cashback on certain purchases, which you can benefit from by switching.
What are the pros and cons of a high interest current account?
A high interest account can be a smart way of making your money work harder. But weigh up the pros and cons first to ensure you’re getting the right savings account for your needs.
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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
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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
How to choose the best high interest current account
There are a range of high interest current accounts available with different terms and conditions. Shop around and read the small print to get the best account to suit you.
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Compare Fees and Charges
Look for accounts with low or no monthly fees, and check for charges on transactions, ATM withdrawals, or overdrafts.
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Assess Customer Support and Security
Choose a bank with robust customer support, including in-app assistance, and strong security features like two-factor authentication and biometric login.
What is the highest interest rate I can get on my current account?
The headline rate advertised on high interest accounts can be attractive and is often higher than many savings accounts.
But unlike savings accounts, it will typically be capped at a fixed in-credit balance.
For example, a high interest bank account might offer 5% on balances up to £1,500 – allowing you to earn £75 a year interest.
While you would need to have £2,500 in a savings account to earn this much interest, a savings account allows you to continue to put money away and gain returns without a limit.
How do I open an account?
Opening a high interest bank account in the UK should be straightforward. You just need to follow a few simple steps
1) Check eligibility: Make sure you can meet the account provider’s conditions. These can vary but might include being over 18, living in the UK and paying in a minimum amount each month.
2) Make an application: You’re usually able to apply online with photo ID and proof of address. Young people may need to apply in-branch with the support of a guardian.
3) Wait for approval: You’ll need to pass a credit check.This typically happens quickly although it will depend on the individual account.
4) Start using your account: Once approved you’ll be able to start using your account and benefit from the high interest and other perks it offers.
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:
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Individual Savings Account (ISA)
Interest earned in an ISA is tax free. You can save up to £20,000 in a cash ISA or stocks and shares ISA each tax year.
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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.
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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.
Our expert says…
"High interest bank accounts are current accounts that pay a decent rate of interest on your in-credit balance. If you shop around, right now you can get a very attractive rate of 6.00%
^ at MoneySuperMarket on the top-paying account, which is even better than some easy-access savings accounts."But watch out for the small print when you’re seeking out a new place to store your money.
"There will usually be a limit on the balance to which the high rate applies and the appealing rate might only apply for a limited period too, such as for the first year you hold the account."
Kara Gammell Personal Finance & Insurance Expert
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MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
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
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Browse our providers
View a wide range of UK high interest current accounts to suit your needs.
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Filter and sort
Filter by interest rate, switching incentives, fees or even customer service scores.
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Click through to apply
Found the account you want? Click through to the provider to start your application.
Recommended current account guides
What do interest rates mean?
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.
Will my interest rate be fixed?
The initial-period, bonus rate is usually fixed, provided you meet your account’s qualifying criteria and typically applies for the first 12 months.
However, in the event you don’t meet the bank’s qualifying criteria, the rate you’ll get will usually drop. So in that sense, a high interest account could be considered to have a variable rate.
What’s more, interest rates for high interest current accounts 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.
Is it easy to withdraw money from a high interest current account?
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.
Am I eligible for a high interest bank account?
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.
What is the difference between a high interest current account and a savings account?
A high interest current account works like a regular current account. This means you have easy access to your money, receive a debit card, set up direct debits, and standing orders and benefit from other features associated with current accounts, such as online banking. As long as you meet the terms and conditions, you can also benefit from high interest on your balance.
There are different types of savings accounts, from cash ISA to fixed rate bonds to instant access saver accounts, and while all of these allow you to earn interest on your money, you won't have the flexibility of a high interest current account and may even have to lock your money away for a set period of time. You will have fewer limits to earning a greater amount of interest overall though.
Is a high interest current account right for me?
A high interest current account could be right for you as long as you stick to the terms and conditions, allowing you to reap the benefits. This will include factors such as keeping your balance at a certain level or not going overdrawn. If this is the case it can be a way of complementing any other savings you might have.
Before opting for a high interest current account, make sure you explore other options too, though, such as fixed term cash ISAs, fixed-rate savings accounts and fixed-rate bonds. All of which may offer comparable or better returns that could let you hit your savings goals faster, albeit usually with the proviso that access to your money may be restricted.
Can I get a high interest bank account with a bad credit score?
Whether you can get a high interest bank account with a bad credit score will depend on the features of the account and the view of the account provider. While bank account providers in the UK will run a credit check on applicants, the risk for them lies in bad credit customers going overdrawn and not being able to pay off what they owe. Because high interest accounts focus on what you can earn when you have an in-credit balance, having a bad credit score shouldn’t adversely affect your chance of being approved.
How often will my interest be paid out?
It will depend on the account provider, but while interest is usually advertised at an annual rate, it is most often paid out monthly. Check the terms and conditions though as some account may pay quarterly, twice a year or annually.
Is my money safe in a high interest account?
Any of the accounts offered through MoneySuperMarket are protected by the Financial Services Compensation Scheme (FSCS). This means that the FSCS protects up to £120,000 held per financial institution that you would get back in the event that your bank goes bust.
Are high interest accounts open to existing customers?
That depends on the bank and the high interest current account you’re applying for. Some require you to be a new customer or ‘first-time’ customer, who has never banked with them - ruling out existing customers entirely.
How does the Bank of England base rate affect high interest current accounts?
As with regular current accounts, the annual equivalent rate on high interest current accounts is closely tied to the Bank of England base rate.
Back when the rate was very low in 2021, it wasn’t uncommon to find current accounts from high-street banks that paid 0.1%. while the top-paying high interest accounts paid out as little as 1%.
Things have improved a lot since then, but you’ll still typically find the best rates from less mainstream banks or building societies.
Reviewed on 11 Dec 2025 by
