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Current Account Guide

Things to look out for when choosing a current account

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When considering opening a current account, it is important to compare the different types available from a range of banks and building societies. If you already have a current account it is possible to switch banks or building societies if you are not satisfied with the service or have found a better deal somewhere else. It is worth considering the following things when choosing a current account: 

  • The rewards that are being offered (high interest/incentive fee)
  • The overdraft limit and any interest or additional fees
  • You may wish to consider opening a savings account with the same bank or building society to gain more control over your finances


Current accounts are for your daily use and once your account is opened you will be issued with a bank card which you can use at most ATMs in the UK. It is also a good idea to consider the different types of current accounts that are available from banking organisations, for instance: 

  • Instant access current account
  • High interest current account
  • Package current account
  • Student current account
Latest Current Account Deals
 AccountInterest (AER)Overdraft RateFunding Required*Fee pmFeaturesApply
5.0%*0% for 12 months£1,000 per monthN/A5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year.More Info >

Nationwide FlexDirect Current Account

  • *5.0% AER fixed (4.89% gross pa) in-credit interest on balances up to £2,500 for the first 12 months
  • No monthly account fee
  • Paperless statements 
  • Visa Debit card and chequebook option
  • Manage your account online, by phone or in branch
  • Mobile app
  • No fees on arranged overdrafts for the first 12 months 
  • Must be 18 or older
  • Overdraft charge of 50p per day after the first 12 months
  • Must pay a minimum of £1,000 into the account each month, from an external source (i.e. not another Nationwide account)
3.0%*0% for first £250No minimum £133.0% INTEREST on balances up to £2,500More Info >

Nationwide FlexPlus Current Account

  • *3.0% AER fixed (2.96% gross pa) in-credit interest on balances up to £2,500 
  • £13 monthly account fee
  • No fees on arranged overdrafts up to £250  
  • UK & Europe Breakdown Cover
  • Worldwide family travel insurance  
  • Free mobile banking app, text alerts and secure online banking
  • Must be 18 or older
  • Overdraft charge of 50p per day after the first 3 months
  • 0% interest on balances over £2,500 

 

1.50%*Up to £3 per day£500 per month£5 pm*1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills.More Info >

Santander 123 Current Account

  • *1.50% AER (variable) payable on your entire balance up to £20,000
  • Up to 3% cashback on household bills - 1% on water, council tax bills and Santander mortgage payments, 2% on gas and electricity bills, and 3% on mobile phone, home phone, broadband and paid-for TV packages
  • Visa Debit Card
  • Mobile app
  • Must be 18 or older and a UK resident
  • Interest and Cashback only available when you set up at least two eligible Direct Debits 
  • Monthly fee of £5
  • Must pay a minimum of £500 into the account each month
N/A0% for first 3 monthsNo minimum N/A3 months interest-free overdraft and no monthly account feeMore Info >

Nationwide FlexAccount Current Account

  • Everyday current account
  • No monthly account fee
  • No fees on arranged overdraft for first 3 months
  • Free mobile banking app
  • 0% interest on any balance 
  • 18.9% EAR overdraft charge after the first 3 months (capped at maximum £5 per month)
  • Must be 18 or older

 

N/A0% for first £250No minimumFree if funding £1,000 or £10 below £1,000Switch your current account and you'll get a free gift worth up to £150. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee - £100 if you leave within 6 monthsMore Info >

First Direct 1st Current Account

  • A current account that works together with your life
  • Switch your current account and you'll get a free gift worth up to £150
  • £250 free of overdraft interest
  • Comes with satisfaction guarantee - if you leave within 6 months you'll get £100
  • Mobile banking on the go with app
  • Beautifully designed Internet Banking service
  • Award winning customer service from real people answering your calls, 24 hours a day, seven days a week
  • Must be 18 or older
  • Switch using the Current Account Switch Service and deposit £1,000 within 3 months of account opening. Account T&Cs apply
  • Must pay a minimum of £1,000 into the account each month to qualify for free banking and offers

Free current account (as opposed to a current account where you pay a premium for a current account with extra benefits)

 

Switching your Current Account to another Bank or Building Society?


It is now easier than ever to switch your current account to another bank or building society because banks are beginning to employ teams of ‘switchers’ who operate a slick switching system to ensure that no mistakes are made during the changeover process.


In September 2013 all banks and building societies in the UK should offer to complete the switchover throughout a seven day period. In this period, the in-house switchover team organise and input your finances into the new system, including any direct debit arrangements and any standing orders.

 

Compare Current Accounts


You should always compare current accounts to find the account that most suits you. It is important to open an account with a bank or building society that you feel comfortable with in terms of their customer service and the additional features linked with your potential account.


Use our comparison tables to find the bank with the best current account for you. There is a wide variety of banks in the UK and an even larger choice of current accounts to choose from. It is important to make the right decision, but if you do rush into the wrong decision, you can always switch to another bank or building society.

Latest Current Account Deals for Bad Credit
ProviderAccount Set Up FeeFee per monthFeaturesApply
N/A£12.50No credit checks.** Prepaid MasterCard. No account opening fee. More Info >
Cardonebanking Current Account

  • No credit checks**
  • No account opening fee 
  • Cardonebanking Prepaid MasterCard
  • Additional card available
  • One-to-one account management advice to help you manage your spending
  • Manage your account online
  • Must be 18 or older
  • Maximum card balance £5,000
  • £12.50 monthly fee
  • Additional card charged at £5 per month
  • Other charges apply for ATM withdrawals and overseas card usage (see terms and conditions for details)
£4.95£9.95No credit checks**. Prepaid MasterCard. Credit Building facility. More Info >
ClearCash Current Account

  • No credit checks**
  • Choose from Pay Monthly or Pay As You Go options
  • Credit building facility through Credit Builder (Ts&Cs apply, see website for details) 
  • Prepaid MasterCard
  • Up to four additional cardholders can be added to the account
  • Set up Direct Debits, standing orders and bill payments from your account 
  • Get text alerts to help you keep track of your spending 
  • Must be 18 or older to open an account
  • Maximum card balance £5,000
  • £9.95 monthly fee for Pay Monthly option
  • 2.5% transaction fee for Pay As You Go option
  • Additional card charged at £4.95
  • Other charges apply for ATM withdrawals and overseas card usage (see terms and conditions for details)
£4.95£9.95No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard.More Info >
CashPlus Prepaid MasterCard (Deluxe)  

  • No credit checks**
  • Make up to 20 free payments and standing orders a month
  • Prepaid MasterCard
  • Earn CashBack rewards as you spend
  • Free UK cash withdrawals 
  • Can help rebuild your credit rating (see terms and conditions for details) 
  • Must be 18 or older
  • Maximum card balance £5,000
  • £9.95 monthly fee
  • Card issue fee £4.95
  • Additional card charged at £4.95 per month
  • Other charges apply for overseas ATM withdrawals, rejected Direct Debit payments, and overseas card usage (see terms and conditions for details)

**See Terms and Conditions