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01 Oct 2024

Best high-interest bank accounts 2024

We reveal the current accounts that pay the most interest, helping you to grow your money.

Chiara CavaglieriSenior researcher & writer

In this article

What is a high-interest current account?

Whether you've just got paid, or have money kept for emergencies, there's likely to be money sitting in your current account – but is it earning interest?

Here we reveal the current accounts that pay interest, helping you reduce the impact of inflation on your money.

We also compare current accounts to savings accounts, and explain some simple saving tips.

Looking for a savings account instead? See our guide to the best savings accounts

Best high-interest current accounts

Our table shows the best current accounts for credit balances of £1,000 (see below to find out how to qualify for interest on the accounts).


eco buy Nationwide Building Society FlexDirect	78%	5%	£1,500	£1,000
Kroo Bank Current Account	n/a	4.1%	£85,000	n/a
Santander Edge Up	70%	3.5%	£25,000	£1,500
RECOMMENDED PROVIDER Starling Current Account	83%	3.25%	£5,000	n/a
Bank of Scotland Classic with Vantage	72%	3%	£5,000	£1,000
Lloyds Bank Club Lloyds	72%	3%	£5,000	£1,500
Virgin Money M Plus	68%	1%	£1,000	n/a

Table note: Data correct as of 1 October 2024. Customer Score: Our rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand to a friend. We surveyed 4,550 members of the general public in August 2023. Our full table includes scores and star ratings for all banks.

High-interest current account reviews

Nationwide FlexDirect 5% on £1,500 - but only for one year

In June 2022, Nationwide increased the introductory interest rate offered to FlexDirect customers from 2% AER up to 5% on balances of up to £1,500, fixed for the first 12 months.

Thereafter, the rate reverts to 1% AER on balances up to £1,500. You don't earn any interest on balances over £1,500.

If you open this account, you won't pay any interest on any arranged overdraft for the first 12 months, but after this you'll be stung with a rate of 39.9% APR.

Making payments and withdrawing cash with your debit card abroad incur a 2.99% fee.

If you prefer a bank account with travel insurance and breakdown cover bundled together, Nationwide offers a Which? Best Buy packaged account for £13 per month.

Find out more: the Money Helper bank account fees and charges tool can help you compare current accounts offered by most banks based on what they charge for different services and facilities.

Kroo 4.1% on £85,000 and more on linked savings

When mobile-only challenger bank Kroo launched its first current account in December 2022, it offered 2% interest and the rate jumped to 4.35% AER on balances up to £85,000. However following the Bank of England decision to cut the base rate, Kroo are now offering a lower interest rate of 4.1%.

Other perks include zero fees on spending when using its debit card abroad and a lower overdraft APR (24.9%) than most high street banks, subject to status and by invitation only.

Santander Edge Up 3.5% on £25,000

This account was launched in June 2023 and replaced the Santander 123 current account. It offers a competitive 3.5% interest on deposits up to £25,000.

The Edge Up current account offers fee free spending abroad and 1% cashback on debit card supermarket spending and household bills (both capped at £15 a month). This account has a £5 monthly fee.

Starling Bank 3.25% on £5,000

Since 1 October 2023, new and existing current account customers have earned 3.25% interest on deposits up to £5,000. This was increased from a measly 0.05%.

Starling's current account has no monthly fee and offers fee-free spending abroad. Even better, Starling is a Which? Recommended Provider for currents accounts for the third year in a row.

Virgin Money 1% on £1,000 and more on linked savings

The digital banking service previously known simply as 'B' from Clydesdale Bank and Yorkshire Bank has been rebranded as the Virgin Money Current Account, following the £1.7bn takeover in 2018.

The Virgin Money M Plus account pays 1% AER on balances up to £1,000.

When you apply, it will automatically open a linked savings account paying 2.5% AER (at the time of writing) on balances up to £25,000 and 2% on balances over this.

There are no foreign transaction fees when you pay with your debit card or take out cash abroad. Charges can be as high as 3.75% for withdrawals and purchases so this is a big saving for regular travellers.

Unlike most providers, Virgin Money doesn't insist that you pay in a certain amount every month to earn interest and there's no requirement to maintain a minimum number of direct debits.

However, following our latest survey, Virgin Money has one of the lowest customer scores and only two stars for customer service.

Find out more: Nationwide agrees to buy Virgin Money

More on high-interest current accounts

Interest rates for the best instant-access savings accounts tend to be higher than the best current accounts.

Check that the extra interest you'll get is worth the inconvenience of moving money between accounts.

You can set up a regular payment (standing order) to move money from your current account to your savings account after your salary or pension comes in.

Make sure the savings account has no restrictions on access and can be managed online or by app, so you can quickly make withdrawals.

If you don't need money in the near future, and have an emergency savings fund in place, considering putting savings in fixed-term accounts or investing it.

Step 1: Find the highest current account interest rates

Our table above shows you the best rates available on current accounts, along with the number of accounts you can open.

Step 2: Check the high-interest account requirements

Banks often set specific account requirements - such as fees, minimum monthly deposits and direct debits - to qualify for interest or to avoid paying a monthly fee on the account.

Each account limits the balance on which you can earn interest but, in most cases, banks will allow you to open a second main or joint account, essentially doubling that amount.

Watch out for accounts with tiered interest (where you get a higher rate for having a higher balance) as you must have a balance within the top tier to earn the top rate of interest. At lower tiers, these accounts become less competitive.

Step 3: Earn instant cash for switching

Before you start moving savings about, there's an easier way to save money.

Banks often offer cash incentives to attract new customers - in some cases £200 – and switching should only take seven working days.

Look out for conditions, such as depositing a certain amount, or using online banking services by a specific date.

Step 4: Open multiple high-interest current accounts

The number of accounts you'll need to open depends on how much money you're looking to save.

This is because accounts will only pay interest on balances up to a certain amount - see the notes on the table above. You want to make sure there's no 'excess' money sitting in accounts, but not earning interest.

Step 5: Circulate money between other high-interest current accounts

Most banks also require you to pay a certain amount into accounts each month.

Take a sum from your savings, equal to highest minimum deposit of the accounts you hold. So if you have three accounts, with minimums of £500, £1,000 and £1,500, put aside £1,500.

This sum will be continually circulated between these accounts.

Step 6: Deposit the rest of your savings in the other accounts

Divide the rest of your money between all the accounts, starting with the highest-earning account.

Once you've deposited the maximum sum the account will pay interest on, deposit money into the next highest-paying account and so on.

Step 7: Repeat step 5 each month

The easiest way to do this is to set up standing orders (instructions to your bank to pay a set amount at regular intervals to another account) so that the transfers take place automatically every month.

This means you meet the requirements of all the accounts and earn the most interest possible on the whole sum.

Find out more: Direct debits and standing orders – which is better for regular payments?