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Lots of us are lazy with our current accounts. We open one when we’re young and coast with it for years. Let’s face it, current accounts aren’t much fun, but you’re here so you let’s find the best current account for you.
With interest rates still low and slow, lots of people are turning to the current account for perks, cash incentives and sometimes decent interest rates. Equally, if you’re finding yourself in the red then you might want an account with cheap overdraft borrowing.
To answer this question you need to know what you need from your account.
Which of the following suits you?
To be eligible to open a current account, you must be a legal UK resident, and at least sixteen years old. Some banks may stipulate that you must be eighteen if you don’t have parental approval. You may also need to be credit checked – this is because many current accounts will come with an overdraft that may be reduced if you have a poor credit history.
The process is 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.
All you have to do is open a new account, use your new banks switching service, and your old account will be closed. Your money, direct debits, standing orders and anything else will be switched over for you too. You can even switch if you’re overdrawn.
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