Current Accounts
High Interest Current Accounts

Compare High Interest Current Accounts

Some current accounts pay interest on in-credit balances
Make your everyday money work for you by earning interest on your current account balance
Compare rates on interest-paying accounts currently available in the UK

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Last updated on 19 April 2022.

High Interest Bank Accounts FAQs

What is a high interest bank account?

Some current accounts pay a certain level of interest on balances held within the account, but a few offer a higher than standard rate of interest. High interest current accounts are usually only offered to people who can meet certain conditions for opening these accounts. These can include minimum amounts paid into the account each month, minimum balances held in the account or a minimum number of direct debits set up.

However, the criteria will differ depending on the account, and some charges and fees may apply, so check with each provider before making any decisions.

Who might want to take out a high interest bank account?

If you want to earn more interest on your current account balance and can meet the criteria, you may benefit from a high interest current account. It is possible to earn more in interest from high interest current accounts than through some savings accounts if you meet the conditions of the account provider and choose the right account for you. There are also usually limits on the balance on which the higher rate of interest is paid.

Will I be taxed on my interest earnings?

You may be. Taxpayers are able to earn up to a certain amount in interest without paying any tax on these earnings, but if you exceed these limits, you may be taxed.

Can anyone open a high interest bank account?

No. Higher interest paying bank accounts usually come with certain conditions that the consumer needs to meet in order to qualify for the account. These conditions vary from account to account, but some of the commonly required conditions include:

Minimum paid in each month
Minimum number of direct debits required
A limit on the balance upon which the higher rate of interest is paid
A limit on the time the higher interest is paid (such as the first year, for example)
Account must remain in credit
Fees may be charged

How do I apply for a high interest bank account?

Applying for a high interest current account will usually involve proving your identity, your address and your credit history. Checks will be run on whether you are able to meet the minimum criteria, such as paying in a minimum amount each month and setting up several direct debits.

Can I switch my account to a high interest account?

If you meet the minimum criteria for a high interest account, either with your current bank or with a different bank, it is usually possible to switch relatively easily. Most banks will do much of the legwork for you as they are happy to welcome you as a new customer.

Compare Current Accounts

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4 products found

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Revolut Current Account - Standard Plan
Monthly Fee
Free

Interest Rate
Up to 1.18%

Arranged Overdraft
Rate
24.99% - 39.90%

Minimum Monthly Credit
None
See Deal + More info
Product Features
- Free app-based UK current account and Euro IBAN account
- Send and receive money in 30+ currencies with no hidden fees
- From restaurant tabs to rent, split bills with anyone, even if they’re not on Revolut
Eligibility / Restrictions
- Must be 18 years or older
- No cash or cheque facilities on this account
Offer
Sign up and get 3 months of Premium free Get upgraded to Premium (worth £6.99 per month) for free. T&Cs apply.

Representative Example: 0% interest up to £50. If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 35% EAR (variable). Representative APR 35% (variable)
Starling Bank Personal Current Account
Monthly Fee
Free

Interest Rate
0.05%

Arranged Overdraft
Rate
15.0%

Minimum Monthly Credit
None
See Deal + More info
Product Features
- Speedy set up in minutes. No paperwork, monthly fees or branch visits
- 24/7 support via phone, email or in-app chat
- Save smarter with Goals, the digital change jar to put money away for the stuff you need
Eligibility / Restrictions
- Must be a UK resident
- Cash deposit facilities via Post Office branches
- Cheque deposit facilities via app or post
Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 15 % EAR (variable). Representative APR 15% (variable).
Virgin Money M Plus Account
Monthly Fee
Free

Interest Rate
2.02%

Arranged Overdraft
Rate
19.9%

Minimum Monthly Credit
None
See Deal + More info
Product Features
- 2.02% AER/2.00% Gross (variable) interest on balances up to £1,000
- Linked saver paying 2.52% AER/2.50% Gross interest on balances up to £25,000 and 2.02% AER/2.00% Gross on balances over £25,000. Rates are variable. You will also have access to an exclusive Easy Access Cash ISA paying 3.00% AER/Tax-free (variable)
- Fee free worldwide spending on your card or withdrawing cash when you're abroad
- Cashback and exclusive rewards available via app
Eligibility / Restrictions
- Must be over 18
- Must be a UK resident
Representative Example: If you use an arranged overdraft for £1,200 you will be charged 19.9% AER Representative/EAR variable. Subject to financial status.
Santander 1|2|3 Current Account
Monthly Fee
£4

Interest Rate
2.00%

Arranged Overdraft
Rate
39.94%

Minimum Monthly Credit
£500
See Deal + More info
Product Features
- Earn up to 3% cashback every month on selected household bills paid by Direct Debit, capped at £5 for each cashback tier each month
- Earn monthly interest of 2.00% AER/ 1.98% gross (variable) on balances up to £20,000
- Get access to a range of 123 World offers
Eligibility / Restrictions
- For interest and cashback on household bills, you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 and live in the UK permanently
- There is a £4 monthly fee for maintaining the account that will automatically be taken from your account each month
Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.94% EAR (variable). Representative APR 39.94% (variable).

Please note: Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. You can use the options above the table to order it according to various criteria.

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