Unlock the Best Bank Accounts: Top Picks for Rewards & Interest!
Your bank account might just be the most essential financial tool in your life, yet many of us overlook its potential to really work in our favor.
Not all accounts are created equal! Whether you want to earn interest, travel without hefty fees, or access advanced budgeting tools, there’s an account tailored just for you.
Several banks are even offering enticing bonuses just for switching! Right now, you can snag $180 from NatWest, $175 from First Direct, $175 from Nationwide, and $150 from Santander.
Looking for competitive savings rates? Digital banks like Starling are offering a whopping 4% on linked savings, while Monzo and Chase are at 3.85% and 3.5%, respectively. Some traditional banks like Barclays and HSBC also provide exclusive high-interest savings options!
If you’re feeling dissatisfied with your current bank, now is the perfect time to explore better deals. Read on to discover our top picks for current accounts that could transform your banking experience.
| Account | Perks | Conditions | Overdraft |
|---|---|---|---|
| Barclays Premier Current Account | 4% interest on 18-month ISAs, easy-access 5.12% on first £5,000, 1.16% on over £5,000. | Minimum £75,000 gross annual income required. | Above £500 is 35%. |
| Chase | 1% cashback on everyday purchases for a year, fee-free spending abroad, 3.5% linked savings account. | None required, app-based banking only. | N/A |
| Club Lloyds | 1.5% interest on balances up to £4,000, choose a reward each year. | $3 monthly fee unless you deposit $2,000 each month. | 27.5% after the first $50. |
| First Direct 1st Account | $175 switching bonus, $250 interest-free overdraft, earn 7% with Regular Saver Account. | Pay in $1,000, switch at least two direct payments, and use the debit card five times. | 39.9% above $250. |
| Halifax Reward Account | $5/month reward, three magazine rentals, or a free cinema ticket monthly. | Spend $500 on debit card or maintain a $5,000 balance. | 39.9%. |
| HSBC Advance | Access to Online Bonus Saver account with 4% interest on balances up to $50,000. | None required. | 39.9%. |
| Kroo | 3.85% in-credit interest, zero fees abroad, low overdraft rate of 24.9%. | Online and smartphone-only banking. | 24.9%. |
| Monzo | 3.85% linked savings, instant notifications on spending, fee-free abroad. | Online and smartphone-only banking. | 19%, 29%, or 39% depending on credit score. |
| Nationwide Accounts | $175 switching bonus, 5% interest for the first year. | Pay in $1,000 and set up two direct debits. | 39.9%. |
| NatWest Reward Account | $180 switching bonus, earn cashback on select retailers. | Pay in $1,250 monthly and set up two direct debits. | 39.49%. |
| Santander Edge Up Account | $150 switching deal, 3.5% interest on balances up to $25,000. | Set up two direct debits and deposit $1,500 within 60 days. | 39.94%. |
| Starling Bank | 4% on linked savings, fee-free spending abroad. | Online and smartphone-only banking. | 15%, 25%, or 35% based on credit score. |
| Triodos Bank | Low overdraft rate of 18% with a focus on positive impact projects. | $3 monthly fee. | 18%. |
| TSB Spend & Save | 2.92% with Spending Pots, overdraft up to $2,000. | None required. | 39.9%. |
1. Best for In-Credit Interest: Nationwide
In a world where interest rates have been dwindling, Nationwide shines bright with a 5% interest rate on its FlexDirect current account for the first year, on balances up to $1,500.
If you keep that amount in your account, you could earn a cool $75 in interest over a year!
Nationwide has attracted a large number of customers by offering attractive incentives.
Note:
If you had a FlexDirect account before, you won’t qualify for the special rate. However, switching from another provider using the Current Account Switching Service (CASS) will allow you to take advantage of the benefits.
To maintain that interest rate, you’ll need to deposit at least $1,000 each month. If your balance dips below that, the interest disappears!
Final Thoughts
If you’re looking for a great interest rate, consider digital banks like Kroo, currently at 3.25% on balances up to $85,000, or Starling Bank with 3.85% on balances up to $5,000. Remember, it’s not just about the interest; customer service, user-friendly apps, and additional perks matter just as much!
Ultimately, if cash incentives are what you’re after, the $200 switching bonuses from NatWest, RBS, and TSB could be enticing. But don’t forget to reassess your needs for the coming year as rates change!
2. Best Account for Larger Balances: Barclays Blue Rewards
Barclays customers can unlock exclusive savings with its Blue Rewards. The Barclays Rainy Day Saver account provides 5.12% interest on balances up to $5,000.
Need only $1 to open an account! Just keep in mind that balances exceeding $5,000 will only earn 1.16% interest.
Heads Up:
To benefit from this fantastic deal, you’ll need to join the Barclays Blue Rewards, which includes a $5 monthly membership fee.
Our Verdict:
While the Blue Rewards may be worth it for those with spare cash, keep an eye on the fees. The balance cap of $5,000 means it might not be for everyone, but if you fit the profile, it could be a financial win.
3. Best Cash Bonus: Nationwide
Nationwide is one of the few banks enticing new customers with cash bonuses, offering $175 to switch. This bonus is particularly appealing alongside its 5% interest for the first year on balances up to $1,500.
Nationwide is making it easy for customers to switch with cash incentives.
Note:
If you’ve switched to Nationwide previously, you may lose out on the bonus. While the FlexPlus account has excellent perks, it also comes with an $18 monthly fee.
Final Thoughts:
The $175 cash bonus is incredibly appealing, especially when combined with the 5% interest for the first year. Plus, the FlexPlus account’s perks, like travel insurance, make it a solid contender despite the higher fee.
4. Best for Cashback: Santander Edge Up Account
For those on the hunt for cashback, look no further than Santander’s Edge Up account. With potential cashback of up to $30 per month on eligible spending, it’s a great option for savvy shoppers.
Plus, it offers a competitive interest rate of 3.5% on balances up to $25,000!
Santander’s Edge Up account is making waves with its cashback offers.
How it Works:
You can earn 1% cashback on essential purchases and bills, capped at $15 each. To earn the maximum cashback, however, you’ll need to meet spending quotas of $1,500 in eligible categories.
Watch Out:
Keep an eye on the $5 monthly fee; it could eat into your cashback earnings if you’re not careful.
Final Verdict:
Despite the fee, Santander’s Edge Up account offers excellent cashback opportunities and a competitive interest rate, making it a strong choice for those who qualify.
5. Best Digital Bank: Chase
Chase, part of JP Morgan, has made a significant impact since launching in the UK, attracting over 1.6 million customers with its compelling features.
With Chase, you can enjoy 1% cashback on card purchases, fee-free spending abroad, and access to a savings account with a 3.5% interest rate.
Chase is attracting a significant number of customers with its appealing features.
Note:
Keep in mind, Chase operates without physical branches, which might not suit everyone. Additionally, you’ll need a relatively modern smartphone to access your account.
Final Verdict:
Chase is gaining traction in the banking landscape, providing a modern, user-friendly experience that could be ideal for those tired of traditional banking methods. With fee-free spending abroad and attractive interest rates, it’s a contender for your primary or secondary bank account.
Some links in this article may be affiliate links. If you click on them, we may earn a small commission that helps us keep our content free and unbiased.
