Compare current accounts

Compare bank accounts to see if you could bag a better current account - and a switch offer.

See the comparison tableCompare current accounts
How to pick the right accountLearn about current accounts

Bank accounts have different overdraft rates and some pay interest on your balance. Use the filters to choose account types and brands, and table headings to sort your results on what matters most to you.

Name Product Ratings Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
Current Account - Age 18 and over
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0.05% AER
15% EAR variable
Award-winning current account, apply in minutes.
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
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OFFER
HSBC Advance Bank Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
Min. £10500 Every 6 months. Min. £1750 Per Month
0% AER
39.9% EAR variable
Get £125 when you switch to an HSBC Advance Bank Account. Plus earn 1.00% AER / gross interest with the linked HSBC Regular Saver.
Current account switch service guarantee badge
Plus earn 1.00% AER / gross interest with the linked HSBC Regular Saver
To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and must qualify for a minimum £1,000 arranged overdraft. £125 switching offer for new customers only who haven’t held an HSBC current account, or opened a first direct account since 1 January 2018. Other T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 38.9% (0% EAR variable on first £25, 39.9% thereafter).
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OFFER
First Direct Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.9% EAR variable
£100 when you switch.
Current account switch service guarantee badge
Plus earn 1.00% AER/gross with the linked Regular Saver Account and access a £250 interest-free overdraft (subject to status)
Receive £100 when switching using CASS and pay in at least £1,000 within 3 months of account opening. New customers only who haven’t held a first direct account or opened a HSBC or M&S Bank current account since 1 Jan 2018. T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 30.5% (0% EAR variable p.a on first £250, 39.9% thereafter).
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Select Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.49% EAR variable
Check your credit score for free.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable.
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Everyday Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.94% EAR variable
Interest and fee free overdraft for first four months when you switch. Up to 15% cashback at a range of major retailers.
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
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Premier Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
Eligibility criteria applies. See below.
0% AER
An interest-free, arranged overdraft up to £500, then 35.0% EAR (variable)
Current account switch service guarantee badge
As a Premier customer, you’ll have access to a range of exclusive Premier mortgages, savings accounts and more. Plus, join Barclays Avios Rewards for £12 a month and switch your account to collect 25,000 Avios to put towards your next trip with British Airways. Eligibility, fees and conditions apply.
To be eligible for Premier banking you’ll need to have either (1) An annual gross income of £75,000 or more paid into a Barclays current account or (2) a minimum of £100,000 saved or invested with Barclays. T&Cs apply. To be eligible for the 25,000 Avios sign up bonus, customers need to move their existing current account to Barclays via the Current Account Switching Service, within 3 months of joining Barclays Avios Rewards.
Representative example: 0% interest (variable) payable on arranged overdrafts up to £500. If you use an arranged overdraft above this amount the annual rate of interest is 35.0% (variable). 19.5% APR Representative (variable), based on a £1,200 overdraft balance. Overdrafts, including interest free amounts, are subject to application, financial circumstances and borrowing history.
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Select Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.49% EAR variable
Check your credit score for free.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable.
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Reward
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£2 per month
Min. £1250 Per Month
0% AER
39.49% EAR variable
Earn 4 Rewards per month by making at a minimum of 2 direct debit payments of at least £2 each.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.
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Reward
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£2 per month
Min. £1250 Per Month
0% AER
39.49% EAR variable
Earn £9 back in Rewards per month by making at a minimum of 2 direct debit payments of at least £4.50 each.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.
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123 Lite Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£2 per month
Min. £500 Per Month
0% AER
39.94% EAR variable
Interest and fee free overdraft for first four months. Up to 3% cashback on selected household bills.
Current account switch service guarantee badge
Up to 3% cashback on selected household bills
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable. Account fee of £2 per month.
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123 Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£4 per month
Min. £500 Per Month
0.3% AER
39.94% EAR variable
Interest and fee free overdraft for first four months when you switch. Monthly interest of 1% AER on balances up to £20,000.
Current account switch service guarantee badge
Monthly interest of 1% AER on balances up to £20,000
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable. Account fee of £4 per month.
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123 Mini Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
1% AER
N/A
Eligible for Retailer Offers, customers must be over 16 and use online or mobile banking to qualify.
Current account switch service guarantee badge
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thinkmoney Managed Current Account
Finder score
★★★★★
★★★★★
£10 per month
/ £15 per month
No minimum funding requirement
0% AER
N/A
Guaranteed acceptance. Earn cashback on your purchases when you shop through the ThinkMoney rewards portal.
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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Cashplus Personal Account
Finder score
★★★★★
★★★★★
£5.95 per month
No minimum funding requirement
0% AER
N/A
Guaranteed acceptance plus a credit building feature.
Account fee of £5.95 per month.
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OFFER
123 Student Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
Min. £500 per term
1% AER
N/A
Free 16-25 Railcard for new customers.
Current account switch service guarantee badge
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What’s a current account?

A current account is a bank account that gives you instant access to your money and that you can use for your day-to-day financial life. It lets you receive your salary, pay your bills, make purchases, and send and receive payments; many accounts offer all this for free. You’ll get an account number, a sort code, a debit card and usually an internet banking service, mobile app or both. Typically, you won’t get a great interest rate on money you’ve deposited in a current account, but most offer an overdraft (which will cost you in interest charges).

While accounts’ basic functions are similar, there are some key differences when it comes to interest rates, customer service, online and app features and, of course, switching incentives like free money. One major difference is that some accounts are protected by the Financial Services Compensation Scheme (FSCS), and some aren’t. The FSCS protects deposits up to £85,000 in your account if you bank goes bust.

Current account jargon explained

Funding requirement. Some accounts require you to pay in a certain amount regularly – for example, every month – to qualify for perks, or even to be eligible for the account. It’s a way of ensuring you pay in your salary.
AER. Annual equivalent rate. This is a way of showing the interest you’d earn in a year on money you deposited into an account, and helps you to compare accounts.
EAR. Equivalent annual rate. This is the interest rate that applies when you borrow money – when you use your arranged overdraft, for example. It shows the interest you would be charged over a year if your account were to remain overdrawn.
Arranged overdraft. If your account goes into the red, the bank will charge you a set EAR. Before you go overdrawn, you need to arrange this facility with your bank.

How to compare current accounts

The best current account for a school leaver in their first job may not the best one for a frequent traveller with complex financial needs, so you’ll have to figure out which banking features are the most important to you.

Here’s our checklist for how to find the right current account for you.

1. Check the ways you can bank. Do you need an extensive branch network that you can visit in person, or are you happy to manage all of your finances online or on a mobile app? And if your bank doesn’t have branches, can you still access customer support at a time that suits you?
2. Check the features.Some current accounts offer fairly basic features, which is fine if you just need your salary to be paid in and your bills to be paid out. But if you’re looking for a slick mobile app, spending categorisation and budgeting tools, or the ability to arrange an overdraft easily, you’ll need to make sure the account offers all that. You might also decide you want an account with FSCS protection, and many accounts in our table offer this.
3. Check the fees and costs. With free current accounts (all major high street and digital banks offer these), there can still be charges for certain types of transaction, such as using your card overseas, or even paying cash into your account if you’re with a mobile-only bank. If you’ll need an overdraft, confirm what interest rate you’ll pay.
4. Check if a “packaged” or “premium” account would be better value. Some accounts charge a monthly fee in return for a “package” of extra benefits such as mobile phone and travel insurance, breakdown cover or cashback on your bills. These are only worth getting if you would use the benefits and have checked standalone policies wouldn’t be better value for you.
5. Is there a joining or switching incentive? Banks are vying for customers and they often have tasty offers on the table to get you to sign up, or to switch your current account from your existing provider. The most popular incentive is (unsurprisingly) a cash lump sum, so if you’re considering a new current account anyway, you might be able to make a bit of money from it too. But factor the rest of the checklist points into your decision, particularly if you’ll need an overdraft.

Have you thought about a mobile-only bank?

Digital banks like Monzo, Starling. or Revolut have stolen the headlines in fintech for the last few years. In the Finder office we’re big fans – here’s why:

  • Cool features. The best thing about them. Digital banks are constantly evolving and adding interesting features. The whole experience feels more user-centred and it’s easier to keep an eye on your spending, make budgets, and personalise the whole thing too.
  • Easy to set up. You just download the app, enter your data and confirm your identity. It usually takes less than 10 minutes.
  • No fees. This usually also applies to spending abroad.

How to switch current account

If you’ve had your current account for years, the idea of switching may sound daunting – many people stick with bad deals just to avoid the hassle. However, the process is in truth quite simple thanks to the Current Account Switch Service (CASS).

Any banks signed up to CASS will switch over your account for you in seven working days. You don’t need to do anything, except pick out your new current account and decide on a switch date. Here’s how it works:

  • Your balance and recurring payments are automatically transferred to your new account. This includes both direct debits and standing orders.
  • Your old account is closed. Your transaction history will not be transferred to your new account, so it’s a good idea to make sure you’ve got all your bank statements first.
  • Incoming payments to your old account will be redirected. A message with your new bank details is also automatically sent to the payer.

Depending on what your new bank is offering at the time, switching through CASS may also allow you to access switching bonuses and rewards.

Bank account switching (not necessarily through CASS) has been most popular amongst generation Z (those aged 18 to 24), according to a Finder survey of 2,000 Brits conducted in September 2020. Over half (57%) of generation Z had switched their main current account within two years of turning 18.

Image of a man with laptop alongside the stat: 57% of gen Z (born after 1996) switched their main bank account within 2 years of turning 18

Types of current accounts

Apart from standard current accounts that prioritise one feature or another, there are also dedicated types of current accounts to suit other specific needs:

  • Joint current accounts. Most current accounts can be opened together with another person (your partner, another member of your family, a friend). Just be aware that this creates a financial association between the two of you, which may potentially impact your credit score. Learn more on joint accounts here.
  • Bad credit. Most banks perform a credit check when you apply for a current account. If your credit score is less than ideal, you may still be offered an account, but you may not get an overdraft. Learn more on current accounts for people with bad credit.
  • Student accounts. If you’re a student, you can bag great perks and rewards and a fee-free overdraft with a student current account.
  • Children accounts. In order to be eligible for an adult current account, you usually need to be 16 or 18. However, children current accounts are available to kids as young as 11.
  • Business accounts. If you run a limited company or are a sole trader, it’s a good idea to keep your business finances separated from your personal finances. You can do this with a business current account.

Potential current account fees and costs

When picking a new current account, check all the potential costs. Here are some of the fees you may come across:

  • Monthly fee. Most current accounts are free, but some will charge a monthly fee, especially if they offer special perks and benefits.
  • Foreign transaction fee. Many debit cards charge a fee when you spend in a currency other than sterling. The foreign transaction fee often amounts to around 3% of the transaction. If you want to avoid it, you could consider having a dedicated account for when you’re travelling – digital banks like Monzo and Starling don’t charge foreign transaction fees.
  • ATM withdrawal fee. Withdrawing cash may come for a fee with some current accounts, especially if you do it overseas.
  • International money transfer fees. Sending or receiving money in a currency other than sterling is likely to be quite expensive with a standard current account. You may want to consider a money transfer service instead.
  • Cheque fees. There’s usually a pretty hefty fee for cancelling a cheque.
  • Overdraft charges. Overdrafts tend to be costly. Always check how much your bank charges before using yours.

    We’ve outlined two examples below showing how the cost of a £500 overdraft can vary, depending on what EAR (effective annual rate) your bank charges you. The difference can be huge – you’d save £100 a year in interest on an overdraft of £500 if you picked an account with an EAR of 15%, compared to a rate of 35%.

Overdraft: £500

  • EAR = 15%
  • Cost for 7 days: £1.34
  • Cost for 30 days: £5.78
  • Cost for 90 days: £17.53
  • Cost for 365 days: £75.01

Overdraft: £500

  • EAR = 35%
  • Cost for 7 days: £2.89
  • Cost for 30 days: £12.49
  • Cost for 90 days: £38.40
  • Cost for 365 days: £175.00

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4 Responses

    Default Gravatar
    EwenNovember 12, 2018

    Can a non-UK resident who works in the UK open a current account online with you?

      Avatarfinder Customer Care
      JhezNovember 13, 2018Staff

      Hello Ewen,

      Thank you for your comment.

      Upon checking, yes, you can open a personal UK bank account as a non-resident, but normally you’ll be asked for proof of ID and residential address in the UK.

      To open a personal UK bank account you need something to verify your current address and your identity:

      -For ID, your passport will do, and any national ID card may help as well;
      -For proof of ID and proof of address, a UK driving license (if applicable);
      -For proof of address at least two documents no more than three months’ old showing your name and address, e.g. a utility bill and council tax bill, in your name, and sent to your residential address will suffice.

      Furthermore, you may get in touch with the bank first to verify.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

    Default Gravatar
    AnonymousNovember 1, 2018

    Hi. I am due to get married soon and I am looking for a current account that pays a better rate of interest while we save in the short term.

      Avatarfinder Customer Care
      JhezNovember 1, 2018Staff

      Hello,

      Thank you for your comment.

      You may compare bank accounts on this page. Based on the table found on the page, Clydesdale B Current Account has a higher interest rate compared to the other three. However, you would want to compare other features too.

      Before submitting an application, please ensure that eligibility criteria are met. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

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