How much interest could you earn on your current account balance?

If you always keep your bank balance in the black and are keen to earn some interest on your money the table below shows how much it is possible to earn from the banks and building societies depending on the size of the average credit balance you keep in your account.

How much interest will you earn in a year from your bank account? 
Interest/Reward detailsAverage in credit balance
£1000
Average in credit balance
£1500
Average in credit balance
£3000
Average in credit balance
£6000
Average in credit balance
£10,000
Average in credit balance
£20,000
Halifax Reward£5 per month paid if you remain in credit all month£60.00£60.00£60.00£60.00£60.00£60.00
TSB - Classic PlusInterest of 5% AER paid up to a maximum balance of £2,000£30.00£60.00£80.00£80.00£80.00£80.00
Nationwide Building Society
Flex Direct (First Year Only)
Interest of 5% AER paid up to a maximum balance of £2,500 (Year 1 only)£40.00£60.00£100.00£100.00£100.00£100.00
Tesco Bank3% AER up to a maximum balance of £3,000£24.00£36.00£72.00£72.00£72.00£72.00
Yorkshire/Clydesdale Bank
Current Account Direct
2% AER up to a maximum balance of £3,000£16.00£24.00£48.00£48.00£48.00£48.00
Santander 123£0-£999 + 0%
£1000 - £1999 = 1%
£2000 - £2999 = 2%
£3000 - £20000 = 3%
£8.00£12.00£72.00£144.00£240.00£480.00
Lloyds Bank - Club Lloyds£1 - £1999 = 1%
£2000 - £3999 = 2%
£4000 - £5000 = 4%
No interest earned on balances above £5000
£8.00£12.00£48.00£160.00£160.00£160.00
Nationwide Building Society
Flex Direct (Year 2 onwards)
Interest of 1% AER paid up to a maximum balance of £2,500 (Year 2 onwards)£8.00£12.00£24.00£24.00£24.00£24.00

1 Comment on How much interest could you earn on your current account balance?

  1. Santander let you have two 123 current accounts – so you can save £40,000 at 3% (if indeed you’re lucky enough to have £40,000!)

    You’ll need to have a couple of direct debits set-up for each account though, which just means swapping a couple of household bills to your new account. Santander charge £2 per month for each account, but also give you cash-back for each direct debit which should more than cover the £2 charge.

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  1. 1.2 million people switched current accounts » Money Pages

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