Best Bank Accounts of 2015 in the UK

Best Bank Accounts of 2015 in the UK
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In order to reap the highest interest rate and bonus on your bank accounts, there are things you must do before signing up for anything. To help you hasten the process of finding the best bank accounts in the UK for 2015, here are some things you can do:

Identify your account type

First things first, you need to figure out the type of customer you are. To do so, you need to go back to your previous statements and your bank history in general. Some of the things that will help you determine the right account type for your financial needs include the following:

  • The number of rejections you get when you apply
  • Whether you’re always in credit or now
  • If you tend to go overdrawn
  • Whether if you’re a recent graduate or not
  • If you’re paying a fee for your bank account

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Consider switching to another account

If you’ve determined the right account type for your needs and financial situation, the next step is to consider switching to another account. Contrary to what other people say, switching to another account is actually painless and fast. In general, the process will take seven days to be completed. After which, all your incoming and outgoing payments are going to be transferred from your old to your new account and the old account will be closed for you.

If you’re ready to finally ditch your current bank for their lousy service, here are some of the top interest-paying accounts available in the UK market today:

  1. Santander – If you want to enjoy up to 3% interest and cashback on bills, Santander is the bank of choice to go with. The bank requires a £500 minimum monthly income so you can apply for a bank account. The account charges £2 per month for the fees but if you switch and pay £500 per month, you can expect interest rates at around 3% for account balances from £3,000 up to £20,000.
  2. Lloyds Bank – If you have a minimum monthly income of £1,500, you can opt for Lloyds Bank which offers interest rates of up to 4% on a minimum account balance of £5,000. You can apply for the bank’s current top-earner account, the Club Lloyds, which will give you 4% AER interest. To enjoy such rewards, however, you are required to pay in £1,500 per month.
  3. TSB – Enjoy 5% AER on up to £2,000 pay in with TSB. The bank requires a minimum monthly income of £500. You can apply for the TSB Classic Plus account to enjoy the highest interest rates the bank offers. Other than the interest though, there are no added perks included as part of the benefits.
  4. Nationwide – For consumers with a minimum income of £1,000, you can apply at Nationwide to enjoy up to 5% in-credit interest plus 12 months 0% overdraft. You can earn the 5% interest if you opt for the bank’s FlexiDirect account but make sure your balance falls within the set range that is up to £2,500.
  5. First Direct – To enjoy the highest switching bonus, you can check out First Direct which offers around £125 bonus for new customers who are switching to the bank. The minimum monthly income required is £1,000. Make sure you can afford to pay in a minimum of £1,000 per month in order to keep the account free.
  6. Clydesdale Bank - Get paid £150 if you switch to Clydesdale Bank. This is currently the biggest switching offer available in the market today. The interest rate, however, is not all that attractive but it’s not bad either. You can earn up to 2% interest on the first £3,000.

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