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High interest current accounts can offer an attractive rate of interest on your funds. Compare the best rates for these accounts using our comparison table below.  For more information about high interest current accounts read our guide below.

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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)
0.00%
£0.50 Per Day
Interest Rate (AER)
5.00%
Account Fee
N/A
Account Management
Not Available At Branch Not Available By Mail Available At Post Office Not Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
5% AER credit interest on balances up to £2.5K for first 12 months
At least £1,000 must be paid in each month
Earn up to £500 per year through recommend a friend scheme
Go To Provider's Site
Representative Example:Based on an overdraft limit of £500 charged at 0.00% EAR Variable. Up to £10.00 overdraft: fee of £0.00 per day. Over £10.00 overdraft: fee of £0.50 per day.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
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 - £2500.00
4.89%
5.00%
£2500.01+
0.00%
0.00%

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
£1.00 / £1.00

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* 100% 0 days 0 days
Get a debit card 0% 7 days 11 days
Get internet banking 0% 8 days 14 days
Get an overdraft 0% 2 days 5 days
Replace a lost debit card 0% 6 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Transferred Current Accounts
0.00% for 12 months
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Usage Fee
N/A
Arrangement Fee
N/A
Review Fee
N/A
Grace period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Monthly Maximum Charge
50.00

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 operating account
- "Recommend a Friend" scheme, existing customers introducing a friend to a Nationwide current account will receive £100, the friend will also receive £100. New customer must use the current account switch service and transfer 2 direct debits.
Credit cards - preferential terms
- Eligible for Select Credit Card.
Loans - preferential terms
- Discounted rates on loans.
Savings - preferential terms
- Eligible for Flexclusive accounts.
Nationwide BS Logo
Nationwide BS FlexPlus FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
£0.50 Per Day
Interest Rate (AER)
3.00%
Account Fee
£13.00 pm
Account Management
Available At Branch Not Available By Mail Available At Post Office Not Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Earn up to £500 per year through recommend a friend scheme
Arranged overdraft is fee based
Switch Service Guarantee member
Go To Provider's Site
Representative Example:Based on an overdraft limit of £500 charged at 0.00% EAR Variable. Up to £250.00 overdraft: fee of £0.00 per day. Over £250.00 overdraft: fee of £0.50 per day.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£13.00 Per Month
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Packaged Account
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £2500.00
2.96%
3.00%
£2500.01+
0.00%
0.00%

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
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* 100% 0 days 0 days
Get a debit card 0% 7 days 11 days
Get internet banking 0% 8 days 14 days
Get an overdraft 0% 2 days 5 days
Replace a lost debit card 0% 6 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Transferred Current Accounts
0.00% for 3 months
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Usage Fee
N/A
Arrangement Fee
N/A
Review Fee
N/A
Grace period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Monthly Maximum Charge
50.00

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 operating account
- "Recommend a Friend" scheme, existing customers introducing a friend to a Nationwide current account will receive £100, the friend will also receive £100. New customer must use the current account switch service and transfer 2 direct debits.
Mobile phone insurance
- Free worldwide cover on mobile or smartphone against loss, theft, damage, breakdown and unauthorised calls for all family members living at the same address. Max 4 successful claims per 12 months. Mobile phone up to the max individual retail cost or value of £1K inc VAT. Cost of unauthorised calls up to a max of £2K inc VAT, upto £250 inc VAT PAYG. Accessory cover upto £250. Excess up to £100.
Credit cards - preferential terms
- Eligible for Select Credit Card.
Loans - preferential terms
- Discounted rates on loans.
Savings - preferential terms
- Eligible for Flexclusive accounts.
Vehicle breakdown cover
- Free UK and European breakdown cover including home assistance, home transfer and relay cover for account holder. Personal cover protecting customer regardless of which vehicle they are in and vehicle cover giving protection to any driver authorised by the account holder using the account holder's vehicle.
Worldwide insurance
- Free. Covers account holder and family (also when travelling independently). Maximum cover age 69 years old. Available on trips up to 31 days. Includes winter sports, golf, wedding and business trips. Includes baggage, cancellation cover and delay with additional expenses for food and travel if delayed by 4 hours or more.
Santander Logo
Santander 123 Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
£1.00 Per Day
Interest Rate (AER)
1.50%
Account Fee
£5.00 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
Arranged overdraft daily usage fee
Switch Service Guarantee member
Go To Provider's Site
Representative Example:Based on an overdraft limit of £500 charged at 0.00% EAR Variable. Overdraft fee of £1.00 per day.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £500.00 Per Month
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£5.00 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
1.49%
1.50%
£20000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£1.25 / £1.25
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
1.50% (Min £1.99) / 1.50% (Min £1.99)

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* 78% 1 day 10 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 100% 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
Transferred 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%
Usage Fee
N/A
Arrangement Fee
N/A
Review Fee
N/A
Grace period
16:00 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
16:00 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Monthly Maximum Charge
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, 2% on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account, 3% on communication bills. All subject to minimum 2 DDs of household bills paid from account.
Exclusive offers with this account
- Free access to preferential rates, exclusive offers and discounts at 123 World.
TSB Logo
TSB Classic Plus FSCS logo
FSCS logo
Overdraft Rate (EAR)
19.84%
£6.00 Per Month
Interest Rate (AER)
5.00%
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
Credit interest payable on balances up to £1.5K when account is registered for online banking, paperless statements & correspondence
High arranged overdraft interest rate plus monthly usage fee
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £500. Up to £35.00 charged at 0.00% EAR Variable. Over £35.00 charged at 19.84% EAR Variable. Up to £35.00 overdraft: fee of £0.00 per month. Over £35.00 overdraft: fee of £6.00 per month.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £500.00 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
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00 - £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% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
£1.00 / £1.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
1.50% (Min £2.00, max £4.50) Charges levied at time of transaction / 1.50% (Min £2.00, max £4.50) Charges levied at time of transaction

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* 93% 0 days 9 days
Get a debit card 0% 7 days 7 days
Get internet banking 96% 0 days 4 days
Get an overdraft 25% 3 days 6 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
Transferred Current Accounts
N/A
0.00% for 3 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£35.01
1.52% - Per Month
19.84%
£0.01
0.00% - Per Month
0.00%
Usage Fee
N/A
Arrangement Fee
N/A
Review Fee
N/A
Grace period
22:00 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.84%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
22:00 same day
Interest Free Overdraft Buffer
£10.00
Fee Free Overdraft Buffer
£10.00
Monthly Maximum Charge
80.00

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 operating account
- "Recommend a Friend" scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account by 30.6.19, completes a switch using Current Account Switching Service by 26.7.19 and within 28 days has a minimum of 2 active direct debits and credits at least £500.
Mortgages - preferential terms
- £150 cashback on completion for remortgage applications when account funded with at least £500 per month.
TSB Logo
TSB Classic Plus - with Control FSCS logo
FSCS logo
Overdraft Rate (EAR)
19.84%
£6.00 Per Month
Interest Rate (AER)
5.00%
Account Fee
£10.00 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 on balances up to £1.5K when account is registered for online banking, paperless statements & correspondence
High arranged overdraft interest rate plus monthly usage fee
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £500. Up to £35.00 charged at 0.00% EAR Variable. Over £35.00 charged at 19.84% EAR Variable. Up to £35.00 overdraft: fee of £0.00 per month. Over £35.00 overdraft: fee of £6.00 per month.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £500.00 Per Month
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£10.00 Per Month
Introductory Account Fee
None

Facilities

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

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00 - £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% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
£1.00 / £1.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
1.50% (Min £2.00, max £4.50) Charges levied at time of transaction / 1.50% (Min £2.00, max £4.50) Charges levied at time of transaction

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* 93% 0 days 9 days
Get a debit card 0% 7 days 7 days
Get internet banking 96% 0 days 4 days
Get an overdraft 25% 3 days 6 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
Transferred Current Accounts
N/A
0.00% for 3 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£35.01
1.52% - Per Month
19.84%
£0.01
0.00% - Per Month
0.00%
Usage Fee
N/A
Arrangement Fee
N/A
Review Fee
N/A
Grace period
22:00 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.84%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
22:00 same day
Interest Free Overdraft Buffer
£10.00
Fee Free Overdraft Buffer
N/A
Monthly Maximum Charge
80.00

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 operating account
- "Recommend a Friend" scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account by 30.6.19, completes a switch using Current Account Switching Service by 26.7.19 and within 28 days has a minimum of 2 active direct debits and credits at least £500.
Mortgages - preferential terms
- £150 cashback on completion for remortgage applications when account funded with at least £500 per month.
Santander Logo
Santander 123 Mini Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
3.00%
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
Overdraft's
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 %
£0.01 - £99.99
0.00%
0.00%
£100.00 - £199.99
1.00%
1.00%
£200.00 - £299.99
1.98%
2.00%
£300.00 - £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
2.75% / 2.75%
Transaction Charge
£1.25 / £1.25
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
1.50% (Min £1.99) / 1.50% (Min £1.99)

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* 78% 1 day 10 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 100% 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
Transferred 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.
TSB Logo
TSB Under 19s Account - Age 11-15 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 Not Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
High rate of credit interest up to £2,500
Account can only be opened in branch
Switch Service Guarantee member
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 11 Years / Max 15 Years 11 Months
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

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

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
£1.00 / £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) / 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* 93% 0 days 9 days
Get a debit card 0% 7 days 7 days
Get internet banking 96% 0 days 4 days
Get an overdraft 25% 3 days 6 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
Transferred 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%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
N/A
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Monthly Maximum Charge
N/A

Benefits

Some benefits might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
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 Not 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
Overdraft's
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

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

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
£1.00 / £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) / 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* 93% 0 days 9 days
Get a debit card 0% 7 days 7 days
Get internet banking 96% 0 days 4 days
Get an overdraft 25% 3 days 6 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
Transferred 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%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
N/A
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
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, a free ‘Pass Your Test’ CD-ROM worth £19.99 and discount on Pass Plus worth £20.
Bank of Scotland Logo
Bank of Scotland Classic - with Vantage FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Per Day
Interest Rate (AER)
1.50%
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
Flat rate of credit interest up to £5,000
High daily arranged borrowing charges
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £500 charged at 0.00% EAR Variable. Overdraft fee of £0.01 per day for each complete £6.00 overdrawn.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £1000.00 Per Month (Minimum two direct debit mandates on account per month)
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Account Sweeping
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 %
£1.00 - £5000.00
1.49%
1.50%
£5000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
£0.50 / £0.50
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
£1.50 Charges levied at time of transaction / £1.50 Charges levied at time of transaction

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* 98% 0 days 2 days
Get a debit card 0% 5 days 6 days
Get internet banking 50% 2 days 5 days
Get an overdraft 100% 0 days 0 days
Replace a lost debit card 0% 3 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Transferred Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Day
0.00%
Usage Fee
N/A
Arrangement Fee
N/A
Review Fee
N/A
Grace period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Day
0.00%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Monthly Maximum Charge
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
- Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card. Customers must be registered for Online Banking and hold a Bank of Scotland current account to be eligible.
Cashback on operating account
- Everyday Offers - Earn a one-off cashback amount when take out a Direct Debit subscription with participating retailers. Customers must be registered for Online Banking and hold a Bank of Scotland current account to be eligible.
Exclusive offers with this account
- Free entry into “It’s on Us”, for the chance to have any transaction up to £500 refunded, drawn per month.
Bank of Scotland Logo
Bank of Scotland Platinum - with Vantage FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Per Day
Interest Rate (AER)
1.50%
Account Fee
£19.00 pm
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
Flat rate of credit interest up to £5,000
High daily charges for arranged borrowing over £300
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £500 charged at 0.00% EAR Variable. Up to £300.00 overdraft: fee of £0.00 per day. Over £300.00 overdraft: fee of £0.01 per day for each complete £6.00 overdrawn.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £1000.00 Per Month (Minimum two direct debit mandates on account per month)
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£19.00 Per Month
Introductory Account Fee
None

Facilities

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

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00 - £5000.00
1.49%
1.50%
£5000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% Charges levied at time of transaction / 2.99% Charges levied at time of transaction
Transaction Charge
£1.50 Charges levied at time of transaction / £1.50 Charges levied at time of transaction

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* 98% 0 days 2 days
Get a debit card 0% 5 days 6 days
Get internet banking 50% 2 days 5 days
Get an overdraft 100% 0 days 0 days
Replace a lost debit card 0% 3 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Transferred Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Day
0.00%
Usage Fee
N/A
Arrangement Fee
N/A
Review Fee
N/A
Grace period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Day
0.00%
Fee
N/A
Paid Referral Fee
N/A
Grace Period
14:30 same day
Interest Free Overdraft Buffer
N/A
Fee Free Overdraft Buffer
N/A
Monthly Maximum Charge
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
- Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card. Customers must be registered for Online Banking and hold a Bank of Scotland current account to be eligible.
Cashback on operating account
- Everyday Offers - Earn a one-off cashback amount when take out a Direct Debit subscription with participating retailers. Customers must be registered for Online Banking and hold a Bank of Scotland current account to be eligible.
Exclusive offers with this account
- Free entry into “It’s on Us”, for the chance to have any transaction up to £500 refunded, drawn per month.
Mobile phone insurance
- Free worldwide cover on mobile against theft, loss, damage, breakdown and unauthorised calls on up to 2 handsets. Mobile phone up to the max individual retail cost or value of £2K inc VAT. Cost of unauthorised calls up to a max of £1.5K inc VAT, and up to £450 inc VAT for PAYG. Accessory cover up to £250 inc VAT. Excess of £100.
Vehicle breakdown cover
- Free UK AA Roadside Assistance, Home Start and Relay for account holder (theirs or other persons car). Free accident management.
Card protection insurance
- Free Card Loss Assistance service, which includes 24/7 helpline to cancel and replace lost or stolen debit, credit and store cards for account holder and family.
Worldwide insurance
- Free. Covers account holder, partner and dependent children up to 18 years old. Max cover age 79 years old. Available on trips up to 45 days. Includes winter sports (up to 31 days pa). Includes cancellation, delay and baggage cover.
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.

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High Interest Current Accounts

Derin Clark

Derin Clark

Online Reporter
Published: 13/02/2019

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.

High interest bank accounts explained

We all know high interest is a good thing when talking about high interest savings accounts, and bad when talking about mortgages, credit cards or loans. But what about a bank account? Well, while you'll want to minimise the interest you are charged on your overdraft, when it comes to the interest you can get on the money you hold in your bank account, the higher the better.

Using a high interest bank 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. Unarranged overdrafts can be costly, with some providers charging fixed fees as well as interest penalties. 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 fees (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.

Now, 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. 

man looking at phone sat at a desk with a newspaper and laptop

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.

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