Current Account Interest Rates

susanann_2

Top current accounts for interest seems to be LLoyds, Nationwide, TSB and Tesco well documented on here, but who comes after those on the sliding scale.

vectistim

Halifax's £5 a month thing.

Bank of Scotland doesn't seem to get much coverage £5,000 at 3% (IIRC), probably allowed two accounts, taking it up to £10,000

bowlhead99

Santander is one of the better ones because their 3% pays up to £20k. BOS is 3% too. Then there's places like Yorkshire bank at 2%.

If you've maxed out all of the above (with multiple accounts at the places that allow it) you probably have enough spare cash that you can afford to lock some of it longer than instant access so you could consider fixes for 2-3 years at 2.35%-2.75% at Aldermore or Shawbrook. And of course there's the regular savers with first direct etc.

YorkshireBoy

vectistim wrote: »

Bank of Scotland doesn't seem to get much coverage £5,000 at 3% (IIRC), probably allowed two accounts, taking it up to £10,000

You can have 3 BoS Vantage accounts, so they're good for £15K.

YorkshireBoy

susanann wrote: »

Top current accounts for interest seems to be LLoyds, Nationwide, TSB and Tesco well documented on here, but who comes after those on the sliding scale.

I know you're asking about interest rates, but don't forget the very easy £400 on offer for switching current accounts*.

A BR tax payer would need nearly £17K in a 3% AER account to draw that level of interest over a year.

* £100 cash from Halifax, FD, and Co-op...and a £100 gift card from M&S.

susanann_2

YorkshireBoy wrote: »

I know you're asking about interest rates, but don't forget the very easy £400 on offer for switching current accounts*.

A BR tax payer would need nearly £17K in a 3% AER account to draw that level of interest over a year.

* £100 cash from Halifax, FD, and Co-op...and a £100 gift card from M&S.

That is an extremely good idea I hadn't though about that. How do you sort that out you would need an old account somewhere to transfer from I suppose as switching your main current account would mean a lot of messing around, and to do it four times to get the £400 not sure how I would do that.

Archi_Bald

susanann wrote: »

not sure how I would do that.

Get a box.

Think outside it.

Or just browse the MSE forum for relevant threads.

ceredigion

It would have to be a rather big box to think inside it.

YorkshireBoy

susanann wrote: »

you would need an old account somewhere to transfer from I suppose

Or a new one!

susanann_2

YorkshireBoy wrote: »

Or a new one!

Right have I got this correct. You can open a new current account anywhere add two direct debits and then transfer it as soon as the D/Ds are set up and that would work.

YorkshireBoy

susanann wrote: »

Right have I got this correct. You can open a new current account anywhere add two direct debits and then transfer it as soon as the D/Ds are set up and that would work.

You don't need DDs for any of the switching incentives I listed above. A couple of SOs will do for Co-op, and then just continue to switch these around for the other incentives.