Select from the filters to refine your results and find what you are looking for Show
Select from the filters to refine your results and find what you are looking for:

Starling Bank Logo
Starling Bank Current Account - Age 18 and over FSCS logo
FSCS logo
Overdraft Rate (EAR)
15.00%
Interest Rate (AER)
0.50%
Account Fee
N/A
Account Management
Not Available At Branch Available By Mail Available At Post Office Available By Telephone Not Available Online Available By Mobile Text Alerts Available
Additional Information
Tiered credit interest payable on balances up to £85K
No branches
Switch Service Guarantee member
Go To Provider's Site
Representative Example:Based on an overdraft limit of £1200 charged at 15.00% EAR Variable. Representative 15.0% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Direct Debits
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £2000.00
0.50%
0.50%
£2000.01 - £85000.00
0.25%
0.25%
£85000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 100% 1 day 1 day
Get a debit card 0% 3 days 6 days
Get internet banking - - -
Get an overdraft 100% 1 day 1 day
Replace a lost debit card 0% 3 days 6 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.17% - Per Month
15.00%
Grace period
12:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Paid Referral Fee
N/A
Grace Period
12:00 same day
Monthly Maximum Charge
N/A

Benefits

Some benefits might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Virgin Money Logo
Virgin Money Virgin Money Current Account - Age 16-17 FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
0.50%
Account Fee
N/A
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable up to £2,000
Age 16-17 cannot apply online
Also available via Clydesdale Bank and Yorkshire Bank
Go To Provider's Site
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 16 Years / Max Under 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £2000.00
0.50%
0.50%
£2000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 85% 1 day 19 days
Get a debit card 0% 4 days 7 days
Get internet banking 100% 0 days 0 days
Get an overdraft 0% 5 days 14 days
Replace a lost debit card 0% 4 days 8 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Savings - preferential terms
- Eligible for linked Virgin Money Instant Savings Account.
Virgin Money Logo
Virgin Money Virgin Money Current Account - Age 18 and over FSCS logo
FSCS logo
Overdraft Rate (EAR)
19.90%
Interest Rate (AER)
0.50%
Account Fee
N/A
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable up to £2,000
Must open linked savings account
Also available via Clydesdale Bank and Yorkshire Bank
Go To Provider's Site
Representative Example:Based on an overdraft limit of £1200 charged at 19.90% EAR Variable. Representative 19.9% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Offset Option
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £2000.00
0.50%
0.50%
£2000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 85% 1 day 19 days
Get a debit card 0% 4 days 7 days
Get internet banking 100% 0 days 0 days
Get an overdraft 0% 5 days 14 days
Replace a lost debit card 0% 4 days 8 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.90%
Grace period
15:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.52% - Per Month
19.90%
Paid Referral Fee
N/A
Grace Period
15:00 same day
Monthly Maximum Charge
40.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Savings - preferential terms
- Eligible for linked Virgin Money Instant Savings Account.
Cashplus Logo
Cashplus Activeplus FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
0.00%
Account Fee
£5.95 pm
Account Management
Not Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
No debit card transaction fees payable
£5.95 monthly account fee
£10 cancellation fee on account closure
Go To Provider's Site
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£5.95 Per Month
Introductory Account Fee
None

Facilities

Direct Debits
Standing Orders
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£10.00 - £5000.00
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£3.00 / £3.00

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft

Benefits

Some benefits might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashplus Logo
Cashplus Deluxe FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
0.00%
Account Fee
£9.95 pm
Account Management
Not Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Free UK ATM withdrawals and no debit card transaction fees payable
£9.95 monthly account fee
£10 cancellation fee on account closure
Go To Provider's Site
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£9.95 Per Month
Introductory Account Fee
None

Facilities

Direct Debits
Standing Orders
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£10.00 - £5000.00
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£3.00 / £3.00

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft

Benefits

Some benefits might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Nationwide BS Logo
Nationwide BS FlexDirect - Funded FSCS logo
FSCS logo
Overdraft Rate (EAR)
39.90%
Interest Rate (AER)
5.00%
Account Fee
N/A
Account Management
Not Available At Branch Available By Mail Available At Post Office Not Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
5% AER credit interest on balances up to £2.5K for first 12 months
At least £1,000 must be paid in per month
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200 charged at 39.90% EAR Variable. Representative 39.9% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £1000.00 Per Month
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £2500.00
4.89%
5.00%
£2500.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£1.00 / £1.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 100% 0 days 0 days
Get a debit card 0% 8 days 12 days
Get internet banking 0% 8 days 13 days
Get an overdraft 0% 5 days 18 days
Replace a lost debit card 0% 6 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
0.00% for 12 months
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.84% - Per Month
39.90%
Grace period
14:30 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Paid Referral Fee
N/A
Grace Period
14:30 same day
Monthly Maximum Charge
N/A

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Credit cards - preferential terms
- Eligible for Select Credit Card.
Loans - preferential terms
- Discounted rates on loans.
Savings - preferential terms
- Eligible for Flexclusive accounts.
Santander Logo
Santander 123 Student Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
3.00%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Interest free student overdraft of up to £2K
Funding of £500 per academic term required
Up to 3.00% AER credit interest on balances up to £2K
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £500.00 Per Academic Term
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £99.99
0.00%
0.00%
£100.00 - £199.99
1.00%
1.00%
£200.00 - £299.99
1.98%
2.00%
£300.00 - £2000.00
2.96%
3.00%
£2000.01 - £1900000.00
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 79% 0 days 7 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 7 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Student Overdraft
Student Overdraft Available
Year 1
Up to £1500
Year 2
Up to £1500
Year 3
Up to £1500
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Paid Referral Fee
N/A
Grace Period
16:00 same day
Monthly Maximum Charge
0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Account opening incentive (other than cash)
- Free 16-25 Railcard for new customers. Valid for four years, with students saving up to one third on most rail fares.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card or credit card
Exclusive offers with this account
- Free access to preferential rates, exclusive offers and discounts at 123 World.
Santander Logo
Santander 123 Mini Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
3.00%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Interest paid on credit balances up to £2,000
Age restrictions apply
Switch Service Guarantee member
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 13 Years / Max Under 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £99.99
0.00%
0.00%
£100.00 - £199.99
1.00%
1.00%
£200.00 - £299.99
1.98%
2.00%
£300.00 - £2000.00
2.96%
3.00%
£2000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 79% 0 days 7 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 7 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must be over 16 and use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card.
Exclusive offers with this account
- Free access to preferential rates, exclusive offers and discounts at 123 World.
TSB Logo
TSB Classic Plus - Funded FSCS logo
FSCS logo
Overdraft Rate (EAR)
39.90%
Interest Rate (AER)
3.00%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable on balances up to £1.5K when account is registered for online banking, paperless statements & correspondence
No arranged or unarranged interest free amount
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200 charged at 39.90% EAR Variable. Representative 39.9% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £500.00 Per Month
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00 - £1500.00
2.96%
3.00%
£1500.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
No min, max £1.00 (Lower fee for withdrawals made within the EEA) / £1.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
1.50% (Min £2.00, max £4.50). 0.00% (Fee for payments in Euros within the EEA) / 1.50% (Min £2.00, max £4.50)

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 93% 0 days 5 days
Get a debit card 0% 7 days 7 days
Get internet banking 94% 0 days 4 days
Get an overdraft 12% 3 days 7 days
Replace a lost debit card 0% 7 days 7 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
0.00% for 3 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.84% - Per Month
39.90%
Grace period
22:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.84% - Per Month
39.90%
Paid Referral Fee
N/A
Grace Period
22:00 same day
Monthly Maximum Charge
30.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Mortgages - preferential terms
- £150 cashback on completion for remortgage applications when account funded with at least £500 per month.
TSB Logo
TSB Under 19s Account - Age 11-15 FSCS logo
FSCS logo
Overdraft Rate (EAR)
N/A
Interest Rate (AER)
2.50%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Not Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
High rate of credit interest up to £2,500
Account can only be opened in branch
Switch Service Guarantee member
Representative Example:N/A
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdraft's
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 11 Years / Max Under 16 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00 - £2499.99
2.47%
2.50%
£2500.00+
0.10%
0.10%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
No min, max £1.00 (Lower fee for withdrawals made within the EEA) / £1.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
1.50% (Min £2.00, max £4.50). 0.00% / 1.50% (Min £2.00, max £4.50)

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 93% 0 days 5 days
Get a debit card 0% 7 days 7 days
Get internet banking 94% 0 days 4 days
Get an overdraft 12% 3 days 7 days
Replace a lost debit card 0% 7 days 7 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Paid Referral Fee
N/A
Grace Period
N/A
Monthly Maximum Charge
N/A

Benefits

Some benefits might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Note

Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per person per institution. Moneyfacts.co.uk Limited is an independent credit broker not a lender. We will receive a payment from credit providers where customers link to them from Moneyfacts.co.uk. None of these arrangements affects our independence.

Disclaimer

All overdrafts are subject to the applicant’s status. You may not be offered credit. All rates and fees are subject to change without notice. Please check all rates and terms before borrowing.

Quick Links

Quick links are where we have an arrangement with a provider so you can move directly from our site to theirs to view more information and apply for a product. We also use quick links where we have an arrangement with a preferred broker to move you directly to their site. Depending on the arrangement we may receive a modest commission either when you press a 'Go to Provider' or 'Speak to an Adviser' button, when you call an advertised number or when you complete an application.

How Moneyfacts works

  • blue money scales

    BALANCED. Moneyfacts.co.uk is entirely independent and authorised by the Financial Conduct Authority for mortgage, credit and insurance products.

  • free label

    FREE. There is no cost to you. Our service is entirely free and you don't need to share any personal data to access our comparison tables.

  • drawing of pound sign and arrow

    TRANSPARENT. We only receive payment from product providers and intermediaries for quick/direct links and adverts through to their websites.

  • blue binoculars

    COMPREHENSIVE. We research the whole market and scour the small print so you can find the best products for your needs.

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Please send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Still not sure?

Guides
guide icon
Can you open an account without proof of address?

Our guide to opening an account without proof of address.

Read More
guide icon
How does a current account overdraft work?

Our guide explains the changes to overdraft fees and gives an overview as to how they operate.

Read More
guide icon
Things your bank will never ask you to do

These are the things your bank will never ask you for or to do.

Read More
guide icon
Six security rules to keep online banking safe

Keep your digital self safe with our handy and simple guide to online banking safety. Six rules to boost your digital security.

Keep your digital self safe with our guide to online banking safety.

Read More

Ask us anything

Ask us anything

A guide to current accounts

Derin Clark

Derin Clark

Online Reporter

At a glance

  • There are a range of current account types offering different benefits to different people. 
  • Most accounts come with a cash card or debit card. You may also be offered a cheque book and the option to have an agreed overdraft.
  • Some current accounts come with monthly or annual fees. Make sure you know how much your bank will be charging you and when.
  • A credit check will be performed when you open a new current account so be sure that your credit score is as healthy as possible beforehand.

Types of bank account

The different account types that are available to adults are:

Standard accounts

Standard accounts, which offers you all the 'standard' account features, but nothing extra. These accounts may or may not charge a monthly or annual fee.

High interest current accounts

High interest current accounts offer you a competitive interest rate on funds up to a certain balance and/or monthly cashback for keeping your account in credit. These accounts may come with monthly fees, and will likely require a certain income and number of standing orders or direct debits, but could offer you some extra cash on a monthly basis if you use them well.

Basic or guaranteed accounts

Basic or guaranteed accounts usually don't offer an overdraft so you can't get into the red. These accounts are designed for those with bad credit or no credit history. To that purpose, guaranteed bank accounts don't even require a credit check. In exchange for letting people with bad credit bank with them, they may charge certain fees, which makes them less attractive to people once they've improved their credit score.

Accounts with overdrafts

Accounts with overdrafts allow you to go into debt on your account. Some of these accounts will charge monthly fees, and the overdraft deal may be limited to arranged overdrafts where the provider has agreed that you can go into debt on your account up to a certain limit.

Free bank accounts

Free bank accounts won't charge you a monthly fee (though they'll likely still come with fees for overdrafts, etc.). They may offer in-credit interest, overdraft deals or other enticements, and may have funding requirements.

Packaged accounts

A packaged bank account is a current account that includes additional products and services – such as breakdown cover, mobile phone insurance, travel insurance, home emergency cover – exclusive access to other products from the bank, for example an exclusive rate of interest on a savings account and retailer offers and discounts. These accounts usually charge a monthly fee. Read our guide to packaged bank accounts to learn more. 

Student accounts

Designed to meeting the financial needs of students, student bank accounts tend to offer the same features as standard bank accounts alongside interest-free overdrafts and student incentives such as discounted rail travel. 

How to open a bank account

Most banks and building societies allow you to open a bank account in a branch, online, by phone or by post. The channel to open a bank account is dependent on the bank or building society and can be restricted for certain brands and products. For example, some of the challenger banks will only let you open an account using their mobile app and some bank accounts are only available online. Here are our seven steps to opening a bank account:

1. Select a bank account using our tables above

You can choose a bank account based on the channel you prefer to use to do your banking, such as online or in a branch. You may also want specific features and rewards such as an agreed overdraft, inclusive insurances and rewards or charitable donations.

2. Open a bank account online

If you are over 18 and have lived at the same address (and been on the electoral roll) for a number of  years, it is likely that you will be able to open a bank account online without the need to write or send anything such as an application form or identification in the post.

3. Check you are eligible for the account

Each bank account will have a required minimum age, place of residence (some accounts are only available in Northern Ireland or Scotland for example) and some accounts may have minimum salary requirements too.

4. Be ready for a credit check

The bank or building society will run a credit check (unless it is a guaranteed bank account, which doesn’t require this). Make sure you know your credit score before applying, a stronger score will increase the number of banks that will accept you.

5. Make sure you use the Current Account Switch Service

Our tables above show which products are available through the Current Account Switch Service. This service makes sure all of your regular payments are moved to your new bank account without you needing to do anything.

6. Complete your application

To open or switch a bank account, you will need valid ID and proof of address. You may be able to do this electronically online or your bank or building society may request posted certified copies or ask you to take these into a branch. 

7. Wait for your debit/cash cards

These arrive usually around one to two weeks after your account has been opened. Our banking service standards shows which banks perform best at shipping out new cards.

8. Set up online banking and/or download the app

You should receive instructions from your bank or building society about how to access your account securely online or via an app.

Who is a current account suitable for?

A current account suits anyone who wants or needs full access to the banking system. People with either no credit rating, or who have had credit problems, may not be granted a current account, but should be able to get a basic bank account. There are various account types to suit different people. The exact current account that would be most suitable to your needs will depend on several circumstances but given the number of accounts available on the market, there should be a suitable deal to be found. As account perks and features change over time, it’s probably a good idea to keep an eye on the market and consider changing your account if you’re not getting the most out of your current one.

Choosing a current account

Now that you've got some idea of what current accounts there are to choose from, you'll have to determine which is the best current account for you. This will of course depend on your personal circumstances. If you're often overdrawn, you'll likely be drawn to an account with overdraft facilities. If you never go overdrawn, on the other hand, you might want to take advantage of a high interest current account instead.

If you're looking for the best current account that gives you something back, a switching incentive might lure you in with an offer of up to £100, or sometimes even more, straight away. However, a little bit extra every month might work out as more lucrative over the long run, so you may want to consider a cashback or interest-paying current account instead. Regardless, remember that a lot of incentives will require you to close your old account, so you can't just open an extra account for a cash offer.

Whatever you are after, make sure to compare current accounts on all their features, not just their benefits, otherwise you might find that a cashback offer is undone by a high account or overdraft fee. Once you've made your choice, it's easy to switch bank accounts, especially thanks to the Current Account Switch Service and its accompanying guarantee. Read our current account switching guide to find out which providers offer it – you'll find that almost all do nowadays.

Key factors to consider

Fees

Some accounts charge a fee, normally to offset the cost to the bank of some other benefit available with the account, such as a lower overdraft rate, higher interest for in-credit balances, or an interest-free overdraft amount. Depending on your circumstances, the extra features could outweigh the fee, making it beneficial regardless. Other benefits that may be available on packaged accounts with a monthly fee are travel or breakdown insurance, discounts in certain shops or access to executive lounges at airports. While these extras could add up, remember that free banking is still widely available, so don't pay for things you don't need.

Funding requirement

You may be required to pay in a minimum amount of money per month. Usually, this restriction is applied to high interest current accounts, which offer a decent in-credit interest rate in exchange for your commitment and regular income. Aside from a minimum monthly funding amount, these accounts may require you to hold several direct debits on it, to make sure your account with them is your main banking product.

Credit interest

Competitive interest rates – some even inflation-beating – are available on high interest current accounts, but they may only be paid on the first part of the balance. After this, interest may not be paid at all, or at a very low rate, so you may want to maximise your returns by placing any money above this amount in a separate savings account. Note that these accounts do tend to come with high overdraft rates, so you should only consider an account that offers credit interest if you’re not someone who regularly goes overdrawn.

Overdrafts

Overdrafts are basically a form of credit; they're a facility that allows you to overspend, so should be avoided if possible. There are two sorts of overdraft: arranged overdrafts, where the bank agrees an amount by which you can go overdrawn, and unarranged overdrafts, which occur when you either exceed your arranged overdraft or go overdrawn without having an arranged overdraft.

If you are likely to dip into the red on your bank account, you should consider an account that charges a low rate for arranged overdrafts or offers you an interest-free tier before you get charged. This can prove to be very valuable if your income and outgoings are nearly the same and your account balance goes near or below zero on a regular basis.

While you should be aiming for only arranged overdrafts, you may also want to look at what rate you'll be charged on an unarranged overdraft should you go overdrawn unexpectedly. Overdraft interest can vary greatly between banks, so it's well worth shopping around. If you don't have an overdraft facility (which will be the case for basic bank accounts), it's doubly important to make sure you have enough money in the account to meet payments, as you may be charged a fee if a payment cannot be made.

Access to the account

Make sure you choose an account that you can access how you need. Some accounts are only accessible via internet and phone, while others allow you to deal with your account through branches and even the Post Office. This can be especially handy for paying in cheques or cash. While most banks will now offer contactless as standard on their debit cards, this easy payment method may not be available with every account. So, if you want to be able to spend small amounts of money without having to put in your PIN number, you may want to ask your bank whether they allow contactless payments before committing.

Note that a lot of banks now offer smartphone apps that let you do your banking on your phone. Some banks are even smartphone-exclusive, so you won't be able to access your account any other way. Look at the account management options before you decide on an account – it may have all the features you're looking for, but if you can't use it in the way that you like, you will likely end up regretting your choice.

Cash machines

Similarly, you’ll want to make sure that your account allows access from a wide range of cash machines and that these transactions are free. Just about all bank accounts give you a card so you can get money out of cash machines. Most transactions will be free of charge, but if you use cash machines in places like petrol stations, amusement arcades or nightclubs, you may be charged. It's worth understanding what type of cash card you'll get, and whether it is widely accepted, e.g. at Link machines.

Should I get a savings account or a current account?

A savings and current account are by no means mutually exclusive. In fact, it's probably a good idea to have both. You may even require a current account to be able to open some loyalty-based savings accounts. An easy access savings account can complement your bank account perfectly, as it allows you to put your money aside while getting a hopefully competitive rate of interest, and you'd still be able to access the funds should you need them. For better rates, you'd need to put your funds aside for longer, in a fixed rate bond for instance, or keep adding money every month to a regular savings account.

If you really only want one account, some high interest current accounts could be used as a form of savings account, but given their restrictions they’d only be suitable for smaller savings pots. Remember that there's nothing stopping you from getting a combination of account types.

What is the Current Account Switch Guarantee Service?

The Current Account Switch Guarantee Service facilitates the moving of regular payment such as standing orders and direct debits to your new bank account. The service should take care of doing this for you and if something goes missing you should be protected. The switching service will not set up paperless statements or your account’s marketing preferences. You will still need to do this. You should also check that you have enough direct debits, etc in place to meet any criteria required for your bank account. Read our guide on the switching service to learn more.  

Current Account FAQs

How many current accounts can you have?

You can open multiple current accounts with a number of different banks. Different banks offer different levels of interest and features for their bank accounts. See our top rated bank accounts. 

Can I get a free current account?

Yes, there are free current accounts available. Just select 'Free in the relevant search box and all current accounts that come without monthly or annual fees will be selected. These accounts will still charge fees for overdrafts and for some other types of transactions.

What happens if I go over my agreed overdraft limit?

The column 'Overdraft Rate' will show you the rate that you are charged if you go into an arranged overdraft. Previously. if you exceeded your arranged overdraft limit, unarranged overdraft charges would apply, which could be a lot more expensive. However, as part of the FCA’s focus on reducing high cost credit this changed from 6 April 2020. From that date unarranged overdrafts must not be charged at a higher rate than arranged overdrafts, however the amount you pay for an arranged overdraft has increased in many cases. You can find both the arranged and unarranged overdraft charges for each account by clicking on 'Further Details'. Your overdraft limit will be determined by your credit history – your provider may change it depending on whether and how you use it. Read our guide to current account overdrafts to learn more. 

How do bank account providers make their money?

While providers use the funds in bank accounts to lend to others in the form of loans and overdrafts, gaining interest (and therefore money) in return, if a good rate of interest is offered on the account, they naturally make less money from it. That’s why these accounts tend to come with fees and/or high charges, such as for (unarranged) overdrafts or bounced cheques.

They also take a cut of each debit card payment made (called the interchange fee) and make money from fees and charges for things like overdrafts, refusing a payment due to a lack of funds in the account or using a debit card abroad, where they may charge a fee and make a profit on any currency exchange rate they offer.

Since some banking providers are more keen to gain custom than others, there can be huge differences in the benefits versus charges on offer across the market. That’s why it’s always a good idea to compare deals to find the best account for you – and to review your account occasionally. As bank account providers change their deals quite often, usually without adjusting the deal their current customers are getting, it pays to keep a weather eye on the market.

How do digital only banks work?

There are a growing number of online-only banks; some of these are challenger banks such as Atom, Starling and Monzo, while others such as Bo are brands that are part of a larger banking group. There are also fintechs that offer banking type services but are in fact a payment services provider rather than a bank. These online banks and services do not have any branches. Find out more about how online and digital banking apps work and how safe they are.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy