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Is your current account still earning you interest? It’s worth looking in to as one in five accounts currently don’t pay any interest at all! Banks and building societies have more than doubled the number of current accounts paying no interest in the past nine months, according to MoneyExpert.com.

The number of current accounts on the market paying 0% AER has more than doubled since the definitive moment of the credit crunch last year – the collapse of Lehman Brothers in September, when just 16 accounts – around 9% of the total market – did not pay interest on positive balances. However that number has since risen to 40 accounts now, representing 22% of the market or one in five.

And an incredible 122 accounts – over 68% of the entire current account market, pays under the current Bank of England base rate of 0.5%.

In June this year HSBC dealt a blow to its packaged account customers by announcing it would not pay them interest on the current account. And in December last year Nationwide Building Society stopped paying interest to its Flex Account customers – unless they had a balance of at least £1,500.

Since September 2008 the Bank of England base rate has fallen from 5% to a historic low of just 0.5% in March this year, leaving banks and building societies with little hope of paying customers the returns they had enjoyed for decades.

Many banks and building societies are now so tightly controlled that many will pay customers even less than the base rate as part of ongoing efforts to improve margins and recoup losses.

If you would like to compare current accounts which best meet your specific needs please see our comparison table below provided by MoneyExpert.com: