Current Account Guide

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

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.