It found some of the top current accounts are offering the equivalent of almost 11% interest (based on £2,000) over a year once you factor in the various rewards on offer.
In contrast, the average easy access savings account would deliver just 0.46%, which equates to a miserly £9.20 after 12 months.
How to get an 11% reward
Moneyfacts analysed the top current accounts that offer things like switching bonuses and other cash or gift card incentives and found out what these rewards equate to as percentage based on £2,000. The results are shown in the table below.
Type of reward gained
Cash earned in 1st year
Equivalent interest rate (based on £2,000)
M&S Bank Current Account
£100 (gift card switch) + £10pm (gift card)
The Co-operative Bank Current Account
£150 (switch), up to £4pm + £1.50pm on debit card spending
HSBC Advance Account
£150 (switch) + £50 after 12 months
Halifax Reward Current Account
£100 (switch) + £5pm reward
*Accounts may require minimum funding or other requirements (e.g. online banking).
**Cash received after monthly fee of £3 taken – more rewards available if certain Barclays products are held.
The analysis highlights just how much money you can earn in the first year with a current account.
Rachel Springall, press officer at Moneyfacts, said: "Savers and spenders should definitely consider using a current account as a way of getting something a little extra, particularly with savings rates plummeting to record lows."
The best high-interest current accounts
The Moneyfacts analysis looks at how cash incentives and other cash rewards accumulated throughout the year can equate to a decent reward.
However, you don't actually have to save anything to get this 'return', just meet the eligibility criteria and monthly funding requirements.
If you're looking for a decent home for your savings, there are a range of other high-interest current accounts that are a real alternative to traditional saving accounts offering miserly rates.
The next best offer comes from Lloyds Bank. The Club Lloyds account pays 4% on balances between £4,000 and £5,000, but you need to be able to put £1,500 a month in to avoid the £5 monthly fee.
The Santander 123 Current Account is also a good bet for those with larger balances. It currently pays up to 3% on balances between £3,000 and £20,000. However, from November 1 the rate is being adjusted to 1.5% on balances up to £20,000. The account also has a £5 monthly fee.