There are many good reasons to get a high interest current account,personally I just really like being able to access my money as soon as I need it. Having it locked away makes me feel insecure (I know it should work in the opposite way and make me feel like I can’t just frivolously spend it) BUT I feel safer having access.
Here are the best reasons to get a high interest current account…
1. I am good with money. I don’t spend recklessly so if I do suddenly need to access my money its because I really need to. Having it all locked away would be frustrating for me. It is smart for me to have money at my fingertips as I would not spend it unwisely.
2. Life just happens, unexpected funeral expenses, unplanned repairs, sudden, necessary trips to see family or friends all mean money needs to be accessible sometimes.
3. I feel all my money should work hard for me and I really like knowing that I am earning good interest straight away on money that is in my account not only that which I transfer to a savings account.
4. The return from these high interest current accounts is higher than traditional savings accounts which are currently at an all time low. If you are the type to keep your account in credit is is a no-brainer to access the best interest rates possible and the high interest current accounts look very appealing.
There are a variety of these high interest current accounts around and some are more impressive than others.
The TSB classic plus account offers 5.00% interest on balances up to £2,000. A small monthly funding amount of just £500 is required and customers will need to register for online banking and paperless statements to be eligible for the interest rate. There’s no end date to the high interest deal (unlike with many other of these accounts.)
So if you are the sort who is in credit each month and rarely ever goes overdrawn this could really be a good idea for you. Payback for being good with your money!
