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Product focus: Current accounts

Product focus: Current accounts

Category: Banking

Updated: 22/09/2011
First Published: 14/01/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Customers looking for a suitable current account should always bear in mind their financial habits and conduct. Those who often find themselves overdrawn at the end of each month may be best suited to a overdraft current account offering a competitive authorised overdraft. Here is a selection of some of the best in the market at present.

Santander– Preferred Overdraft Account

  • Customers will be charged 12.9% EAR for authorised overdrafts.
  • No interest is charged for transferred current accounts on agreed overdrafts up to £5,000 for twelve months.
  • A minimum of £1,000 per month is required to fund the account.
  • The account can be operated in branch, by post, telephone or online and the minimum age for account-holders is 18 years.

The Co-operative Bank – Current Account Plus

  • This account has an authorised overdraft rate of 15.9% EAR and does not require a minimum or maximum funding amount each month.
  • An overdraft arrangement/review fee of £20 is payable.
  • Overdrafts up to £200 are fee-free.
  • The account is available to customer aged 16 and over.

Smile - Current

  • This account from Smile charges an authorised overdraft rate of 15.9% EAR up to £500.
  • An arrangement/review fee of £20 is payable to overdrafts over £500.
  • No minimum or maximum monthly funding amount is required, although money must be from the accountholder's salary or pension.
  • Minimum age for account holders is 18 years.
Compare the best current accounts by viewing our Banking best buys.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.