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Comparing bank current account interest rates

Bank account interest rates

The Bank of England sets the UK base interest rate. This base rate is the lowest that any bank can offer although many banks offer current accounts that have higher rates than the current 0.5% rate. This rate is reviewed annually, and therefore interest rates will vary depending on this.

Money supermarket

This compare and review site lists all of the current accounts and their interest rates; along with any incentives that the banks offer to attract new customers to them.

It is possible to use other compare sites, or visit the banks themselves and compare them individually in your own time. This may take a while, and you may miss something that the compare site wouldn’t, plus all the information is displayed on a single page to make it easier to review.

The site is constantly updated so you can be sure that you’ll get the most accurate information when you visit the site.

Co-operative-bank.co.uk

The co-operative bank offers four current account each designed to appeal to a different demographic The interest rates track the 0.5% bank of England rate. The different accounts offer different benefits such as the current account plus offering a fee free £200 overdraft. They have accounts that have monthly fee ranging from £9.50 to £13; these accounts offer benefits up £600 and include such things as travel insurance and 20% discounts on other insurance packages.

Santander

Santander offers an incentive ranging from £100-£300 when youswitch your current account. These incentives depend on what products you are taking, and what product, if any, you already have with them.

Like all current accounts Santander tracks the base 0.5% interest rate, but it’s the switching offers, which are regularly reviewed, which appeal to most new customers.

It is worth checking out the banks literature in detail, even if you have gone through a compare site, just to make sure that you understand all of the financial commitments and any minimal contract periods. If you are unsure then visit your local branch and they will also be able to assist you with any questions that you may have.

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