With the credit crunch still rearing its ugly head and many of us being affected by it, finding the perfect one for you out of the many bank accounts available on the market is essential to give you that extra bit of interest which could really help out in a tough situation. With that in mind, here are the best accounts around; one of them should be the one for you.

Alliance & Leicester – With a fixed interest rate of 8.5% and a minimum balance of £1, the ‘Premier Direct Current Account’ from Alliance & Leicester is one of the best current accounts on the market. The overdraft also has a 0% interest rate for the first 12 months, but do bear in mind that it’s only for 12 months and in the current economic climate where things for many are tight, you don’t want to be borrowing more than you can afford to pay back before the interest rate kicks in. All in all though it’s a great account for those who need to access their money regularly, need a good interest rate and cannot afford to go for an account with a high minimum balance or investment. But it does come with a catch; the 8.5% rate only applies on balances of up to £2000, meaning if you wish to save more you might want to look elsewhere.

Abbey – Another good account, with an 8% interest rate and 0% on the overdraft for 4 months, the ‘8% Current Account’ from Abbey is a great account to sink your money into with confidence. The upside is the fact that the rate will not change no matter how much you invest in the account, the downside being only having 4 months of interest free overdraft. A good account though and well worth a look at.

Under 21’s – For the younger investors, Alliance & Leicester’s ‘Under 21’s Account’ is perfect to start getting used to putting money aside and thinking about the future. With an interest rate of 10% and an interest free overdraft, there are few accounts which are better for young people. Well worth recommending to family members and good to open on others’ behalves as a Christmas gift.

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