Current account reviews: Best Rate current accounts
Great current accounts whether you're in credit or have an overdraft
We analyse all nationally-available current accounts and pick Best Rate current accounts in two scenarios. The first scenario (in credit) is for customers who are never overdrawn. The second is for those of us who need an overdraft of up to £500. We only feature current account providers that are fully covered by the Financial Services Compensation Scheme.
We understand that for many people, finding products with the best rate is a priority. But where a product from a provider with a poor service score appears in our Best Rate tables, we highlight this with a warning logo. By naming and shaming providers which customers judge to offer poor satisfaction in these tables, we hope that companies improve their standards.
Best for credit interest
These accounts offer the best interest rates for those who stay in credit. We show the best three accounts for credit balances of £1,000.
| Best for credit interest Current accounts with the best interest rates for those who stay in credit | ||||||
|---|---|---|---|---|---|---|
| Product | Which? recommended provider | Minimum monthly funding | Credit interest on £1,000 | Credit interest on £3,000 | Customer score | Find out more |
| Average rate | 0.50% | 62% | ||||
| Alliance & Leicester Premier Direct | No | £500 | 6.00% | 0.10% | 61% |  |
| This account includes benefits such as exclusive deals on their other products. Interest paid at 6% on balances up to £2,500 in first year, after which the rate drops to 0.1% | ||||||
| Santander Preferred In-credit Bank Account |  | £1,000 | 6.00% | 0.10% | 48% | Santander |
| Abbey, now Santander, scored poorly in our customer satisfaction survey. Interest paid at 6% on balances up to £2,500 in first year, after which the rate drops to 0.1% | ||||||
Lloyds TSB Classic Vantage | No | £1,000 | 2.00% | 3.00% | 56% | Lloyds TSB |
| Interest is tiered. Balances of £1,000 earn 2%, £3,000 earn 3%. Above £5,000 but less than £7,000 earn 4%. | ||||||
Table notes
Wherever we display a “MORE INFO” button in the above table, that company pays us a small fee each time someone clicks on the button. These payments do not influence whether a product is in the table, where it appears, or whether it continues to do so. Our Best Rates tables are compiled by our independent researchers. All revenue raised from these tables is reinvested in our research and campaigning work on behalf of all UK consumers.
For all cards in the table exact rate depends on your credit score.
Best for overdrafts
These accounts offer the best rates for customers who regularly use their overdraft facility. We show the best three accounts based on our scenario of a someone running a £500 authorised overdraft for two weeks a month
| Best for authorised overdrafts Current accounts with the lowest yearly overdraft cost of borrowing £500 for two weeks a month | ||||||
|---|---|---|---|---|---|---|
| Product | Which? recommended provider | Minimum monthly funding | Overdraft: Annual interest rate | Annual cost of a £500 authorised overdraft for two weeks each month | Customer score | Find out more |
| Average rate | 16.21% | 62% | ||||
| First Direct 1st Account |  | £1,500 | 15.90% | £17 | 89% | First Direct |
| This provider was rated highly in our customer satisfaction survey. This account offers a £250 interest-free overdraft. | ||||||
| Cahoot Current | | n/a | 11.80% | £21 | 80% | Cahoot |
| This provider was rated highly in our customer satisfaction survey. This account offers a £100 interest-free overdraft. | ||||||
| Norwich & Peterborough BS Gold | No | £1,500 | 11.74% | £26 | n/a | Norwich & Peterborough BS |
| A higher overdraft annual interest rate applies if the monthly funding is less than £1,500. | ||||||