Motley Fool: Earn Thousands From Your Bank

A relative of mine switched current accounts recently. He neglected to consult me, and got an account paying 4.25% interest. I thought: “Hmm, that could be worse.” Then he told me it was the Nationwide Flexaccount. I hadn’t heard of it, which was not a good sign, as I work for a website with the slogan: Independent Financial Comparison. It turns out that the sneaky devils only pay 4.25% on the first £3,000, but just 0.25% on any higher balances. As he has £50,000 in his current account, that means he’ll earn £196 interest after tax this year, when he should earn thousands!

With this in mind, I trawled the Moneyfacts database to find the best current accounts. They can be surprisingly difficult to compare, as seemingly great accounts can be ruined by just one line of small print. (They’re all the same. What a bunch of bankers!)…

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