Best Free current account with interest

rob897

Hi,

What is the best current account that does not charge a monthly fee but will provide a decent rate of interest on balances?, Santander will no longer pay me interest unless i take their 123 account which i cannot justify the amount paid into to receive the interest (3%) at this time (I'm 18), not bothered about it having an overdraft, just a debit card and online banking are the two other things i need.


Thanks!

Rob.

dr_adidas01

rob897 wrote: »

Hi,

What is the best current account that does not charge a monthly fee but will provide a decent rate of interest on balances?, Santander will no longer pay me interest unless i take their 123 account which i cannot justify the amount paid into to receive the interest (3%) at this time (I'm 18), not bothered about it having an overdraft, just a debit card and online banking are the two other things i need.


Thanks!

Rob.

Lloyds TSB Classic account with vantage no monthly fee and tiered interest depending on how much you have in your account. though they have now added the stipulation of having two direct debits on the account.

Also Nationwide flexDirect account 5.00% AER (4.89% gross p.a.) fixed in-credit interest on balances up to £2,500, but you have to pay in £1000 a month to get it.

grumbler

dr_adidas01 wrote: »

...Also Nationwide flexDirect account ... but you have to pay in £1000 a month to get it.

Do you not have to at Lloyds?
http://www.lloydstsb.com/current-accounts/vantage.asp

You’ll earn interest each month as long as you stay in credit and pay at least £1,000 into your account in that month.

innovate

dr_adidas01 wrote: »

Lloyds TSB Classic account with vantage no monthly fee and tiered interest depending on how much you have in your account. though they have now added the stipulation of having two direct debits on the account.

No 2 DDs needed on what you can currently apply for. http://www.lloydstsb.com/legal/current-accounts/vantage.asp

rob897

dr_adidas01 wrote: »

Lloyds TSB Classic account with vantage no monthly fee and tiered interest depending on how much you have in your account. though they have now added the stipulation of having two direct debits on the account.

what about HBOS? they seem to offer the same thing as Lloyds and is called vantage too. no mention of direct debits though.

innovate

rob897 wrote: »

what about HBOS? they seem to offer the same thing as Lloyds and is called vantage too. no mention of direct debits though.

Yes, you are right, the BoS Vantage doesn't need any DDs for new applications. Just like the Lloyds Vantage doesn't need any for new applications.

rob897

innovate wrote: »

Yes, you are right, the BoS Vantage doesn't need any DDs for new applications. Just like the Lloyds Vantage doesn't need any for new applications.

can someone clear up if you need to deposit at least £1000 each month cause i won't be able to for the time being,

here it says
" Earn monthly interest on your balance - 1.50% AER/ 1.49% GROSS variable on balances from £1 to £999.99 and get up to 3.00% AER/ 2.96% GROSS variable on balances of £3,000 to £5,000. Just add Vantage to your account. "

http://www.lloydstsb.com/current-accounts.asp?WT.ac=SNCA1012

but when you get to the vantage page it says this

" To get interest paid each month, all you need to do is pay at least £1,000 into your account during the calendar month, and keep your account in credit during the monthly billing period. "

http://www.lloydstsb.com/current-accounts/vantage.asp

grumbler

This can be any credit (cash or transfer from another bank). You can keep recycling the same money.

rob897

grumbler wrote: »

This can be any credit (cash or transfer from another bank). You can keep recycling the same money.

That was my plan just not £1000 though

rob897

grumbler wrote: »

This can be any credit (cash or transfer from another bank). You can keep recycling the same money.

would they get suspicious though?

innovate

rob897 wrote: »

would they get suspicious though?

They'll be quite used by now to people shuttling a £K or so to and fro once a month. If it's all your money and you have nothing to hide, there's no issue.