The highest headline rate doesn't always mean you get the best all-round deal. Often the eye-catching interest rate only applies to a fraction of your balance, leaving you disappointed and a portion of your money just not working hard enough.

Coventry First is a current account that pays a great rate of interest on all your money, provided you pay at least £1,000 into the account each month (excluding transfers from other Coventry accounts).

5.60% AER (5.46% gross p.a.) variable, paid monthly Rate includes a first year bonus of 0.85% AER High rate applies to your whole balance VISA Debit card £250 interest-free overdraft UK call centre Apply now

You can arrange to move all your existing Direct Debits and standing orders to your Coventry First account using our switching service and with a VISA debit card you can make purchases or withdraw cash whenever you need.

To enjoy this outstanding rate you need to be 21 or over, and be able to pay in at least £1,000 each month (excluding transfers from other Coventry accounts). Otherwise, the interest rate earned on your entire balance will be nominal. This rate is currently 0.95% AER/gross p.a. monthly, which includes a 0.85% AER/gross p.a. interest rate bonus for the first year. The maximum balance you can have in this account is £250,000.

*AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and added each year. The gross rate is the interest rate payable before the deduction of tax.