Updated list of Current accounts which pay interest

[paulnumbers]

Bank of Scotland is dropping to 2% in a couple of months.

First direct regular saver requires their current account.

[Biggles]

Reward Earners:

£4.00pm Co-operative Bank Current A/c, must have £800 in/out per month + 4 active DDs + opt into paperless statements
(additional reward up to £1.50pm for debit card spending and switching bonus of £110)
https://www.co-operativebank.co.uk/curr ... entaccount

[chas49]

Just had an email from Santander saying that the rate on their Regular eSaver is increasing from 3% to 5% on April 3rd. Wonders will never cease!

Stompa

Just a quick confirmation that the 5% rate does indeed apply to a Reg eSaver Issue 4 account opened last week! It says 5% on my account page in online banking

[oldapple]

Re Santander, thanks to all here, I've just opened a new regular esaver starting from today with Santander as I'm a 123 current account holder. It only took a few minutes for me as well. However, I am just wondering if those of you who had one already opened say 6 months ago at 3% will only be allowed a further 6 months at the 5% rate? It would hardly be fair?

[DrBunsenHoneydew]

Re Santander, thanks to all here, I've just opened a new regular esaver starting from today with Santander as I'm a 123 current account holder. It only took a few minutes for me as well. However, I am just wondering if those of you who had one already opened say 6 months ago at 3% will only be allowed a further 6 months at the 5% rate? It would hardly be fair?

That is what will happen. Luckily you can simply open another Regular eSaver the next day at whatever the going rate is then.

[oldapple]

That was quick DrBH - thank you!

[chickenboy]

Updated (thanks to Biggles for the Co-op ac), might have to add a few DDs to my dying N&P account before I switch it to Co-op...



Current accounts with interest:

Bank of Scotland: (From the 11th June 2017 to be dropped to 2%)
3% on 5K (you can have 3), requires £1000 in/out per month
https://www.bankofscotland.co.uk/bankaccounts

TSB:
3% on 1.5K, requires £500 in/out per month & must select paperless billing
(Perks: some temporary 5% deals depending on when account opened)
http://www.tsb.co.uk/current-accounts/

Lloyds:
2% on 5K, requires £1,500 in/out per month & 2 DDs
(Perks: free lifestyle benefit, e.g. magazine subscription or 6 cinema tickets)
https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.asp

Nationwide:
5% on 2.5K but only for 1st 12 months, requires £1,000 in/out per month, no DDs
(Perks: access to their regular saver?)
http://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

Santander 123:
1.5% on 20K, requires £500 in/out per month, 2DDs, £5 monthly fee
(Perks: 1-3% cashback on selected bills)
http://www.santander.co.uk/uk/current-accounts/123-current-account

Tesco: (currently closed due to high demand)
3% on 3K (can have 2), requires £500 in/out per month
(Perks: useful saver accounts which can create DDs)
http://www.tescobank.com/current-accounts/


Regular Savers:

5% First Direct, £5 - 300 pm, requires a FD current account
http://www1.firstdirect.com/1/2/savings-and-investments/savings/regular-saver-account

5% HSBC, £250 pm, must have HSBC Advance current a/c
https://www.hsbc.co.uk/1/2/savings-accounts

5% M&S, £250 pm, must have current a/c and have switched an account to this M&S current account, and have 2 DDs on it
http://bank.marksandspencer.com/save-invest/savings-rates/

5% Nationwide Flexclusive, £1 - 500pm, must have current a/c (various criteria but FlexDirect is included)
http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

5% Santander, £200pm (from April 3rd), but have to be a 123 World or Select customer
Receive 2.50% for 12 months (or 5% if you are 123 World or Select customer)
http://www.santander.co.uk/info/savings/savings-range


Reward Earners:

£3/pm Halifax Reward Current ac, must have £750 in/out per month + 2 DDs
https://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/

£4/pm Barclays Current ac with Blue Rewards, must have £800 in/out per month + 2 DDs
(Note: there is a £7 pm reward, minus the £3 pm fee)
http://www.barclays.co.uk/CurrentAccounts/BarclaysBankAccount

£4/pm Co-operative Bank Current A/c, must have £800 in/out per month + 4 active DDs + opt into paperless statements
(additional reward up to £1.50pm for debit card spending and switching bonus of £110)
https://www.co-operativebank.co.uk/currentaccount


Useful Sites

https://www.bankaccountsavings.co.uk/ - calculate interest earnings & see requirements
http://forums.moneysavingexpert.com/showthread.php?t=608697 - MSE Regular saver thread

[chickenboy]

Guys - if we already have Tesco current accounts, do we need to add 3 Direct Debits?
AND - can they be DDs from our Tesco savings accounts?

[mc2fool]

Guys - if we already have Tesco current accounts, do we need to add 3 Direct Debits?
AND - can they be DDs from our Tesco savings accounts?

You can find the answers -- as well as the correct figures for your listing -- at http://www.tescobank.com/current-accounts/

It would be good if you could stop listing accounts as having "in/out" requirements. AFAIAA there is no current account that has an "out" requirement.

[chickenboy]

Fair enough (and will update next time I redo the list) - so who are people using these days for their Direct Debit sources (if not Tesco)...? (most of the lists i've googled are a bit out of date).

I'd be optimistic the Nationwide Instant Access Saver might work for 1...

[swill453]

I'd be optimistic the Nationwide Instant Access Saver might work for 1...

It's not a normal direct debit, it's some kind of internal transfer. For example, it will take place on a weekend if that's when the date falls. A DD wouldn't do that.

Scott.

[chickenboy]

It's not a normal direct debit, it's some kind of internal transfer. For example, it will take place on a weekend if that's when the date falls. A DD wouldn't do that.

Ah well, I've also applied for Post Office and Scottish Widows Instant savers... any suggestions for number 3 then?

[chas49]

It's not a normal direct debit, it's some kind of internal transfer. For example, it will take place on a weekend if that's when the date falls. A DD wouldn't do that.

Ah well, I've also applied for Post Office and Scottish Widows Instant savers... any suggestions for number 3 then?

There's nothing on the web page for the Post Office Instant Saver account to suggest you can fund it by Direct Debit.

[chickenboy]

There's nothing on the web page for the Post Office Instant Saver account to suggest you can fund it by Direct Debit.

yes, I know, I'm going off old lists of DD sources, and well worst case I've risked £1 being stuck in a savings account for a while...

[chickenboy]

If you are looking for DDs especially to keep your Tesco current a/c at 3% interest (so you cannot use the Tesco savers for DDs), the options are:

1. Scottish Widows IF you have already opened some great (currently their Instant Saver Account is unavailable, they do have the Instant Saver 2 which will work but needs £100 min balance)
2. Post Office savers - still working

For both options 1 & 2, you need to open 1 account per direct debit (each account can only generate one DD) - which is tedious but workable.

I could not find any other options at present.

----

I'm also working on getting 12 concurrent Regular Savers (with different banks of course) in the 3-5% order, one starting on each month - which will let me cycle about £10K through all these.