Best Current Accounts: Our Top Picks In 2020

We review our top 5 picks for current accounts in October 2020.

More than 5.1 million UK bank and building society customers have switched their bank accounts using the free (and guaranteed) current account switching service which simplifies the process for customers.

They’re choosing accounts which are better suited to their spending and saving patterns, and offer them rewards that they will really make use of.

With latest developments in mobile app banking there are some exciting new breed of banking current account to choose from:

We have outlined 5 accounts you might want to consider;

Santander 123 Current Account

  • 1.00% AER (variable) payable on your entire balance up to £20,000
  • Up to 3% cashback on household bills
  • Must pay a minimum of £500 into the account each month
  • Monthly fee of £5
  • Fully FSCS protected up to £85,000
  • Mobile app

Our view: With this current account you get 1.00% AER on the first £20,000 of your cash. From 3rd August this will change to 0.60% AER.  To qualify you will need to pay in £500 pm (Equates to a £6,000 pa salary) . Additionally you can gain 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.  Earn up to 15% discount on retailer offers. The account has full savings FSCS protection.

Santander 123 Account »

Starling Bank Mobile App Account

  • No minimum monthly pay in
  • No monthly fees
  • Great for overseas use
  • Spending insights – see where your money is going
  • Goals – set money aside for specific goals
  • Earn 0.05% AER interest paid on account balances below £85,000
  • Round up transactions – put the difference into your savings pots
  • Fully FSCS protected up to £85,000
  • Winner 2018,2019 and 2020 Banking Awards

More info on Starling Bank »

Our view: With Starling you get a mobile app bank account that has a “Excellent rating from its customers from Trustpilot. Voted “Best British Bank” in the British Bank Awards in 2018,2019 and 2020 you get an app which provides customers with real time data on spending and great features that allow you to set savings goals.

HSBC Advance Current Account

  • A minimum arranged overdraft of £1,000 with no monthly fees
  • Earn 2.75% AER on gross savings between £25 to £250 per month
  • No monthly fees
  • Need to pay in £1,750 pm or £10,500 over 6 months
  • Fully FSCS protected up to £85,000
  • Mobile app

Our view: With the HSBC Advance bank account you get everything you need for everyday banking including a minimum arranaged overdraft of £1,000 with no monthly fees. You can save up to £250 per month and benefit from a competitive rate of 2.75% AER on your savings.

More info on HSBC »

Virgin Money Account

  • Savings “pots” feature
  • Competitive 0.50% AER interest rate for savings account (interest paid quarterly)
  • Very attractive 2.02% AER interest rate for current account up to £1,000 (interest paid monthly)
  • No fee for maintaining account
  • Money withdrawal via Virgin Money Current Account
  • Fully protected up  by FSCS to £85,000
  • Open in minutes!

Our view: With this current account you get a great interest rate of 2.02% AER on money kept in your current account up to £1,000 with interest paid monthly. With no monthly fees and no charges on using your card abroad this account offers customers a great user experience with their mobile app which allows you to track your transactions and make better budgeting decisions with “Savings pots” allowing you to transfer money into different pots for different goals.

More info on Virgin Money »


  • Premium account – €7.99pm
  • Voice contolled app
  • Earn 0.27% interest rate for money put away for savings
  • Easy budgeting – set up sub accounts with individual IBAN nos
  • Auto save feature – Round up payments and pay the difference into set sub-accounts
  • Spending insights
  • You can block cards at any time – change pins at any time
  • Free global ATM withdrawals
  • Apple and Google Pay supported
  • Mastercard included in premium subscription
  • Fully protected by the Netherlands deposit guarantee scheme (DGS) up to €100,000

More info on Bunq Money »

Our view: If you are looking for an international bank account that is a break from the status quo then take a further look. Bunqs principles are based on transparency, freedom and continuous improvement in making your life easier.

These features and services were accurate July 2020. But banks are very aware of customer demands: features may change or be extended.

Written by Editorial Team ,
2nd October 2020