Juicy current accounts you can run on less than £1,000 a month

Advice from the experts at MoneySuperMarket

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There's a new breed of current account paying tasty rates of interest – and you don't need to pay in a fortune every month.

If you've been with the same current account provider for years, why not take the plunge and switch?

Check out some of the best current accounts which you can fund with less than £1,000 a month.

£500 a month current accounts

At this level, you've got two options...

Santander 123 current account

The Santander 123 current account pays 3.00% AER (variable) tax-free on balances between £3,000 and £20,000.

With a smaller balance, you earn interest at a lower rate.

If your balance is between £2,000 and £2,999.99, you'll earn 2.00% AER (variable) and if it's between £1,000 and £1,999.99 you'll earn 1.00% AER (variable). Again, interest is tax-free.

To qualify, you'll need to have at least two active direct debits on the account.

In addition to earning interest on your balance, you can earn cashback of between 1.00% and 3.00% on certain types of spending.

For example, you get 1% cashback on your water, council tax and Santander mortgage bills, 2% on gas and electricity and 3% on phone, internet and TV.

The account has a £5 monthly fee, though, so you need to work out whether the interest you're earning, plus the cashback, offsets the £60 a year you'll pay in fees.

TSB Classic Plus

TSB's Classic Plus account pays a 5.00% AER (variable) tax-free on balances up to £2,000, again with a minimum monthly funding requirement of £500 per month.

To earn the 5.00%, you must also register for internet banking, paperless statements and paperless correspondence.

You'll also earn 5% cashback on your first £100 of contactless or Apple Pay payments every month until the end of December 2016.

£750 a month current accounts

Halifax Reward current account

The Halifax Reward account offers £125 bonus for switching, and the account also pays you a £5 reward every month you pay in £750. You must also pay out two different direct debits each month and stay in credit to qualify.

To be eligible for the £125 bonus, you must use the Current Account Switch Service and close the account you have elsewhere.

Higher monthly funding current accounts

Nationwide Building Society FlexDirect current account

The Nationwide FlexDirect Current Account offers a competitive 5.00% AER fixed for 12 months on balances up to £2,500, so long as you pay in £1,000 or more a month.

After those 12 months are up, the rate reverts to 1.00% AER (variable).

Lloyds Bank Club Lloyds current account

If you can afford to pay as much as £1,500 into your current account each month, the Club Lloyds account offers up to 4.00% AER (variable) on balances between £4,000 and £5,000. (You'll earn 2.00% on balances up to £4,000 and 1.00% on balances up to £2,000).

You will also need to pay out at least two direct debits each month and if you don't pay in at least £1,500 a month, you'll pay a £5 monthly fee.

Get paid to switch

Interest on a current account balance is attractive, but it is also worth thinking about accounts that do not pay interest but which pay cashback when you switch to them.

For example, Co-operative Bank (along with its online subsidiary, Smile) is paying £150 cashback if you switch your current account to them using the Current Account Switch Service.

Note that you'll need to switch at least four direct debits.

Don't worry about switching!

The government-backed Current Account Switch Service means that moving your current account to a higher-interest paying account is straightforward and guaranteed to be hassle-free.

The bank you move to will arrange to transfer all of your payments going out, and those coming in (such as your salary), so all the admin is taken care of for you.

The move will take no more than seven working days and you won't have to pay any charges or fees in the event that something goes wrong while the switch happens.

Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.