# Higher interest on current account than savings account

**URL:** <https://boards.straightdope.com/t/higher-interest-on-current-account-than-savings-account/511355>\
**Category:** Miscellaneous and Personal Stuff I Must Share\
**Created:** [September 24, 2009, 10:37am UTC](https://boards.straightdope.com/t/higher-interest-on-current-account-than-savings-account/511355 "2009-09-24T10:37:59Z")\
**Posts on this page:** 3\
**Page:** 1

<div class="post-metadata">

**Author:** ![NineToTheSky](https://avatars.discourse-cdn.com/v4/letter/n/b5a626/32.png) [@NineToTheSky](https://boards.straightdope.com/u/NineToTheSky)\
**Post date:** [September 24, 2009, 10:37am UTC](https://boards.straightdope.com/t/higher-interest-on-current-account-than-savings-account/511355/1 "2009-09-24T10:37:59Z")

</div>

These are, indeed, strange times. I’ve just discovered that my bank pays a higher rate on my current account (1%) than my savings account (0.5%).

---

<div class="post-metadata">

**Author:** ![teela\_brown](https://avatars.discourse-cdn.com/v4/letter/t/d9b06d/32.png) [@teela\_brown](https://boards.straightdope.com/u/teela_brown)\
**Post date:** [September 24, 2009, 4:14pm UTC](https://boards.straightdope.com/t/higher-interest-on-current-account-than-savings-account/511355/2 "2009-09-24T16:14:59Z")

</div>

Is a “current account” the same thing as a checking account? If so, yes, the conventional wisdom on interest rates is no longer conventional. My savings account is paying the same rate as almost all certificates of deposit that I can find (1.5%), so there’s no point in investing in CDs. I’m putting some money into mutual funds in the hope of making it work a bit harder.

I guess other people feel the same, as I’ve been reading that the public is starting to reinvest in the stock market.

---

<div class="post-metadata">

**Author:** ![NineToTheSky](https://avatars.discourse-cdn.com/v4/letter/n/b5a626/32.png) [@NineToTheSky](https://boards.straightdope.com/u/NineToTheSky)\
**Post date:** [September 24, 2009, 4:20pm UTC](https://boards.straightdope.com/t/higher-interest-on-current-account-than-savings-account/511355/3 "2009-09-24T16:20:15Z")

</div>

Yes, current and checking are the same. My bank also pays different rates depending on whether you actually have a cheque book or not! I really don’t understand why they are paying higher rates on current/checking accounts. Does anyone have any idea?

Yes, I’ve been wandering back to the stock market.