loveMONEY Champions: who should win the best bank account provider?
These five bank accounts won the most votes from the loveMONEY readers. But which is your favourite?
The loveMONEY readers have spoken and named the five current account providers most deserving of the loveMONEY Champion award best current accounts for 2015/16. Here is the final shortlist. It's up to you to pick your final winner!
Santander
The Santander 123 Current Account has long been one of our favourites here at loveMONEY. It was truly innovative when it launched, as the first account to pay you cashback on a selection of your monthly direct debits.
You get 1% cashback on water and Council Tax bills, as well as the first £1,000 of your Santander monthly mortgage repayment, 2% on gas and electricity bills and 3% cashback on mobile, home phone, broadband and TV bills.
On top of that, it’s a cracking account for savers, offering 3% interest on balances between £3,000 and £20,000, offering a far better return than many savings accounts.
It does come with a £2 monthly fee though, rising to £5 a month from January, so it’s not quite the appealing account it once was.
First Direct
First Direct’s 1st Account attracts plenty of plaudits for its fantastic customer service. The bank promises that your call will always be answered by a real person, 24 hours a day, seven days a week.
What’s more, you get £100 just for opening the account. And First Direct is so confident that you will love it that if you decide to leave within the first year, you’ll get another £100.
You need to pay in at least £1,000 a month, or hold an additional First Direct product, otherwise it will cost you £10 a month for the 1st Account.
Halifax
The Halifax Reward Account is a terrific bank account, offering you a cracking return even if you finish each month with only pennies to your name.
So long as you pay in £750 a month, have two direct debits and stay in credit you’ll get a £5 cashback payment every month. That’s £60 a year, even if you spend almost all of the money you bring in each month.
What’s more, new account holders get a £100 welcome bonus. So that’s the chance to pocket £160 in your first year with the Reward Account!
Nationwide
Nationwide boasts a range of excellent current accounts, but two stand out in particular.
First is the FlexDirect, which pays an incredible 5% interest on balances of up to £2,500 for the first 12 months. That’s the best return around, miles better than most savings accounts. To qualify you just need to pay in £1,000 each month. You can enjoy a fee-free overdraft for the first year too.
Then there’s the FlexAccount, which doesn’t pay interest but does come with free European multi-trip travel insurance. You just need to pay in at least £750 a month. It also comes with a three-month interest-free overdraft.
TSB
The TSB Plus Account also pays a leading rate of 5% interest, this time on balances up to £2,000. However, the big selling point here is that this rate doesn’t drop away after a year.
On top of that you get 5% cashback on your first £100 of contactless payments every month.
All you have to do is pay in £500 a month.
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