Savings accounts have traditionally been thought of as the sensible place to stash your cash in order to generate a real return, but after years of falling interest rates, that's no longer the case.
"A lot of savvy savers have been looking for alternatives, and current accounts have become a very real possibility," says Rachel Springall from Moneyfacts. So what's on offer?
1. Better interest
2. Easy to switch
It's so easy and simple to move your current account using the Switcher Service, check with the bank if they are part of the scheme and you can have a brand new account in just 7 days. Find out more about switching accounts here.
3. Get something extra
Get cashback while you get interest! Santander’s 123 current account pays you cashback on certain direct debits, up to 3%, along with the 3% interest!
4. Little and often
So long as you meet any funding requirements, you can use the current account to gradually build a nice nest egg, so don't worry about putting away big amounts in your account.
5. More the merrier
There's no reason why you can't have more than one account, you can move money from one to the other to meet criteria to earn interest, just make sure to keep tabs on all transactions!
6. Beware of the overdraft
If you plan on using a current account to save, be wary of going overdrawn, as this can void your interest deal, so play safe to earn!