Current Account Guide
Things to look out for when choosing a current account
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
|Account||Interest (AER)||Overdraft Rate||Funding Required*||Fee pm||Features||Apply|
|FlexDirect Current Account||5.0%*||0% for 12 months||£1,000 per month||N/A||5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year.||More Info >|
Nationwide FlexDirect Current Account
|Nationwide FlexPlus Current Account||3.0%*||0% for first £250||No minimum||£13||3.0% INTEREST on balances up to £2,500||More Info >|
Nationwide FlexPlus Current Account
Santander Bank »
|Santander 123 Current Account||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
|Nationwide FlexAccount Current Account||N/A||0% for first 3 months||No minimum||N/A||3 months interest-free overdraft and no monthly account fee||More Info >|
Nationwide FlexAccount Current Account
First Direct »
|1st Account Current Account||N/A||0% for first £250||No minimum||Free if funding £1,000 or £10 below £1,000||Switch 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 months||More Info >|
First Direct 1st 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.
|Provider||Account||Set Up Fee||Fee per month||Features||Apply|
|CardOneBanking Managed Account||£12.50||No credit checks.** Prepaid MasterCard. No account opening fee.||More Info >|
Cardonebanking Current Account
|ClearCash Account||£4.95||£9.95||No credit checks**. Prepaid MasterCard. Credit Building facility.||More Info >|
ClearCash Current Account
|CashPlus Prepaid MasterCard Deluxe||£4.95||£9.95||No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard.||More Info >|
CashPlus Prepaid MasterCard (Deluxe)
**See Terms and Conditions