New best buy High Interest Current Accounts from TSB Bank and Lloyds Bank have hit the shelves, giving more options for those looking at current accounts for their savings, without switching their existing current account.
The new Classic Plus Account from TSB Bank is paying 4.89% gross/5% AER on balances up to £2,000. To qualify, you must pay in at least £500 per month and register for the bank's internet banking and paperless statements.
Lloyds Bank has launched the Club Lloyds Current Account, paying up to 3.93% gross/4%AER on balances above £4,000, up to a maximum balance of £5,000. To qualify, you have to set up 2 direct debits and either pay in at least £1,500 per month or pay a £5 monthly fee.
It is also worth noting that the fixed rate of 3.93% gross on the Clydesdale and Yorkshire Banks' Current Account Direct is due to end on the 31st March 2015. After this date, the rate will drop to 1.98% gross, so if you are interested, it is best to act now.
Here's how to maximise your interest using high interest current accounts (simply click on the savings providers in the table below to find out more)
|
Provider |
AER |
Accounts |
Deposit Per Account |
Need to Switch |
|
5% |
2* |
£2,500 |
No, just deposit and immediately withdraw £1,000 per month. |
|
|
5% |
2 |
£2,000 |
No, just deposit and immediately withdraw £500 per month. |
|
|
4% |
2* |
£5,000 |
No, you have to set up 2 direct debits and either pay in £1,500 per month or pay a £5 monthly fee. |
|
|
4% |
2* |
£3,000 |
No, just deposit and immediately withdraw £1,000 per month. |
|
|
3% |
2* |
£20,000 |
No, just deposit and immediately withdraw £500 per month, and setup 2 Direct Debits. |
*The second account must be a joint account. Click on the provider names to learn more.
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