The banks said the Current Account Direct is specifically aimed at people who bank online, over the phone or using smartphones. 

The account will pay 4% interest on credit balances up to £3,000 until March 2015. The interest will then drop to 2% AER. 

Andrew Pearce, retail director for Clydesdale and Yorkshire banks, said: “We’ve spoken to thousands of people, and one thing that came out clearly was that they wanted a simple, straightforward way of earning interest on the money in their bank account. Current Account Direct gives them that.”

Current Account Direct is available to new and existing customers paying in at least £1,000 per month and can be opened in branch or through direct channels.

Accounts will be managed over the telephone, internet or via the banks’ newly launched mobile banking app, but branches can still be used where these channels cannot – such as for paying in cash.