The best bank accounts for interest, perks and cashback: Our top picks for those looking for a better deal

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  • We select the best current accounts to switch to interest and free money
  • Our best checking accounts also include great customer service
  • The best checking accounts can offer interest on savings accounts

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Our bank account is the financial product we use more than any other, but many people are rarely convinced that their account works for them.

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However, different checking accounts suit different people, with options ranging from those that pay interest to those that offer cheaper spending abroad, have good budgeting apps and tools, a better overdraft rate, or an extras package. such as insurance.

Checking account privileges are also offered for signing up as banks have started competing for customers again in recent months, with some even returning switching bonuses of up to £175.

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Some banks are also starting to raise their interest rates, albeit from a very low base, but choose one of our top picks: Virgin Money pays 1.71% on balances up to £25,000 and Chase Bank pays 1.5% on balances up to £25,000. 250,000.

If you’re unhappy with your current bank, or have spotted a better deal elsewhere, it might be worth considering switching. You can find our selections of the best accounts below.

Check Perks Terms overspending
First direct 1st account Switch Bonus £175
£250 Interest Free Overdraft
Earn 3.5% With Your Regular Savings Account
Deposit £1,000 within 3 months of opening an account. Over £250 it is charged at a rate of 39.9%.
chase Cashback 1% every day. purchases for the whole year.
No commission when using the card abroad
Access to a linked, easily accessible savings account with a 1.5% payout on balances up to £250,000.
Rounding option 5% for spare change
No specific ones.
You must use the app.
Flexdirect across the country £100 switch promotion. If you are a Nationwide member, you will receive £125 per referral.
5% interest up to £1,500 and free overdraft for the first year only. After the first 12 months – 0.25%.
Interest-free issued overdraft for 12 months
Paying £1,000 per month. After the first 12 months – 39.9%.
Halifax award
Choice of £5 a month paid into your account, two movies or three magazines or a free movie ticket each month. Switch using the current account switching service and set up two direct debit or standing orders.
There is no monthly fee if you pay more than £1,500 per month, otherwise there is a £3 monthly account maintenance fee.
Club Lloyds Pays 0.6% up to £4,000 and 1.5% from £4,000 to £5,000.
Choose your reward each year from 6 movie tickets, an annual magazine subscription, 12 digital movie rentals.
£50 Interest Free Overdraft
You will need to switch and close your account stored elsewhere to a Club Lloyds account using the Change Current Account service.
There is also a £3 monthly fee if you don’t contribute £1500 per month.
After the first 50 pounds, it’s 27.5%.
Santander 123
Cashback £175
Santander pays up to 3% cashback on bills. Limited to £5 per month in three categories.
Pays 1 percent on balances up to £20,000.
£4 per month. You must pay £500 per month and maintain two active direct debits. 39.94 percent.
NatWest Award & RBS Reward Account Free £175
£5 per month in rewards and 1 percent from select retailer partners.
Monthly fee £2. You must set up two direct debits per month to receive the £4 bonus, and then log into mobile banking once a month to receive the £1 bonus. 39.49%
Current account at Starling Bank 0.05% on the balance. Free spending and ATM withdrawals abroad. Bank online and only for smartphones. 15, 25 or 35 percent depending on the credit score.
Virgin Money M Plus account New customers can receive 25% cashback on supermarket and fuel purchases within 60 days, up to a maximum of £160.
The account pays 2.02% per month on amounts up to £1,000 and comes with a linked easy access account paying 1.71% on amounts up to £25,000.
Apply online, switch via CASS with two direct debits and pay £1,000 to a linked account with easy access. 19.9, 29.9 or 39.9 percent depending on the credit rating.
Triodos Bank Low overdraft rate of 18 percent.
It promises to lend only to projects that have a “positive impact” on people and the planet.
Monthly fee £3. 18 percent.

1. Best account for credit interest: countrywide

Interest on current accounts on credit has declined in recent years, and many banking service providers offer virtually no interest to customers.

However, Nationwide has now increased the initial interest rate on the loan on its FlexDirect current account to a market-leading 5 percent.

The special rate will be available for new applications opened from today with balances up to £1,500 within the first 12 months.

This means that someone holding at least £1,500 in an account can earn £75 in interest within one year.

Checking account king: Nationwide gained 661,000 more customers than it lost due to the switching service.

It’s also worth noting that existing members who switch their current account are paid £125, while brand new customers get £100 per switch.

For shifters to be considered members and eligible for the more generous transition bribe, they will need to either have a savings account or a Nationwide housing mortgage.

The cash bribe and interest combined means that someone who switches to a FlexDirect account could earn between £175 and £200 over a 12-month period.


Unfortunately, anyone who previously had a FlexDirect account will not be eligible for the new rate.

However, if applicants previously held only one account, they will be eligible for the joint account introductory rate and vice versa.

To qualify, referrals must be made from another provider using Current account switching service (CASS) and at least two active direct debits must be transferred as part of the switch and configured to…

Credit: /

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