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Written by our founders Anna and Sue

Rate Alerts

Regular updates on the savings market

🔔 Current account switching hits all time high

Author: Anna Bowes
26th April 2016

Savings Champion Rate Alert

Tuesday 26th April 2016

New figures out in the last few days show that the number of us switching current accounts hit its highest ever level in March. This is encouraging news, as it shows that more people than ever are willing to vote with their feet in search of a better deal.

According to the data released by Bacs, the provider making the highest net gain from the switching service was Santander, followed by Nationwide in second place. This is hardly surprising as the providers have two of the best deals for credit interest on the market at the moment - Santander's 123 Current Account and Nationwide's FlexDirect Current Account.

7 Day switching makes it easier than ever to switch accounts, although you do not even have to switch accounts to take advantage of High Interest Paying Current Accounts.

So, if you are not happy with your current account and want to switch or you simply want a better return on your funds, below is a summary of some of the highest rates available on the market....

Provider Account Name Balance AER
TSB Bank

Classic Plus

£1 - £2,000

 5.00%

Nationwide Building Society

 FlexDirect Current Account

£1 - £2,500

 5.00%
Lloyds Bank

Club Lloyds Current Account

£4,000 - £5,000

 4.00%

Santander

 123 Current Account

£3,000 - £20,000

 3.00%

Tesco Bank

 Current Account

£1 - £3,000

 3.00%
Best Buy Tables »

Best Savings Deals Summary

If you have any queries regarding our Best Buy Tables, an account featured or the suitability of the account for your needs, please call Savings Champion on 0800 321 3581

Best Buy Table Best Account(s) Best Rate (AER)

High Interest Paying Current Account

TSB Bank /
Nationwide Building Society

5.00%

Easy Access

RCI Bank*

1.45%

Fixed Rate Bonds

State Bank of India (5 years)

2.90%

Variable Rate ISAs

Punjab National Bank

1.65%

Fixed Rate Cash ISAs

Punjab National Bank (5 years)

2.50%

Notice Accounts

 Charter Savings Bank

1.70%

Monthly Income

State Bank of India (5 years)

2.90%

Regular Savings

First Direct / M&S Bank

6.00%

Children's Accounts

Halifax (Regular Saver)

6.00%

Junior ISAs

Halifax

4.00%

Help to Buy ISAs

Halifax / Santander / Penrith

4.00%

* Deposits held with RCI Bank are covered by the FGDR, which is the French equivalent of the UK Financial Services Compensation Scheme (FSCS). Please contact us if you would like further information.

Our Best Buy Tables are based on whole of market research, independent and have no commercial bias, ensuring that you can rely on them to make an informed decision. Alternatively, please call us on 0800 321 3581 to discuss your savings with one of our expert advisers.

If you are unsure what interest rates you are currently receiving, why not take a look at ourFree Rate Tracker Service or call us on 0800 321 3581.