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 details | Average 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 Plus | Interest 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 Bank | 3% 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 |
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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.