We study transport through an interacting model system consisting of a central correlated site coupled to finite bandwidth tight-binding leads, which are considered as effectively noninteracting. Its nonequilibrium properties are determined by real-time propagation of the Kadanoff-Baym equations after applying a bias voltage to the system. The electronic interactions on the central site are incorporated by means of self-energy approximations at Hartree-Fock, second Born and GW level. We investigate the conditions under which multiple steady-state solutions occur within different self-energy approximations, and analyze in detail the nature of these states from an analysis of their spectral functions. At the Hartree-Fock level at least two stable steady-state solutions with different densities and currents can be found. By applying a gate voltage-pulse at a given time we are able to switch between these solutions. With the same parameters we find only one steady-state solution when the self-consistent second Born and GW approximations are considered. We therefore conclude that treatment of many-body interactions beyond mean-field can destroy bistability and lead to qualitatively different results as compared those at mean-field level