Top high interest current accounts

There are a lot of different current accounts out there, a lot of them have great bonuses and there is no reason to have one with no interest rate when you could be getting free money every month, so here are my top picks for current accounts.

1. Nationwide FlexDirect. This is my personal favourite, I've got both a joint and a personal account with them, you get 5% interest on balances between £1 and £2500 with no monthly fee, you have to pay in at least £1000 a month and after 12 months the interest rate lowers to 1% but then you can just move to another provider. This 5% interest rate means you get 10 pounds a month from interest alone if you max the account out, and if you have a joint account as well that is 20 pounds a month just from making a standing order to transfer in/out £1000 a month, making Nationwide a good choice. This 5% interest rate equals £125 a year from one account, and get another extra £100 credited to your account via the recommendation feature, contact me to be referred to this program.
2. TSB Classic Plus Account. This account offers the same interest rate on a slightly lower balance (up to £2000), TSB gives 5% Cashback on the first £100 of contactless payments each month and to get the 5% interest rate you need to pay in £500 each month, register for internet banking and paperless correspondence, this account nets you £100 a year.

3. Santander 123 Current Account. The Santander account is definitely the best one for higher balances as they offer 3% interest on balances between £3000 and £20000, and cashback on some household bills, the downsides are that you need to pay in £500 each month and there is a fee of £5 a month. This interest rate will give you £150 a year if you have £5000 in the account.

This interest rate gives a whopping £600 if you're lucky enough to have £20000 just sitting around (you should look at investing this!), and there is 3% cashback on mobile/home phone bills, broadband and paid for TV packages so if you're paying £50 a month between your phone/broadband/TV then you're getting £1.5 in cashback, there is also 2% on gas and electricity, and 1% on water and council tax bills, plus the first £1000 you pay towards your Santander monthly residential mortgage payment if you have one. Follow the link for full Ts&Cs. Although I had explained that I'm working for a year on a placement I was not allowed to make a 123 current account, so if you're a fellow student...

4. Santander 123 Student Current Account. This is one of the best choices for students especially if you travel, the requirements are that at least £500 goes into your account each term and that you register for Online Banking. You get a free 16-25 Railcard for 4 years which nets you 1/3 off rail travel which is pretty amazing if you're getting the train to and from Uni, there's also an interest-free and fee-free Arranged Overdraft of up to £1500, and 3% interest on balances from £300 to £2000. The interest rates etc. aren't brilliant but you can always grab the railcard then switch from Santander later on, as a railcard costs around £30! The interest rate will result in £60 a year if maxed out.

Hopefully these give you some ideas for your own money management, it may seem daunting at first having to move your money around in order to get the interest rates listed but once you set up a standing order you can just forget about it and watch the money roll in! If none of these seem like they are for you, have a look at my guide to the best bank for bonuses.