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- Take control of your finances with one app
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If you don’t like your bank, maybe it’s time to switch. Big banks like HSBC, RBS and Natwest offer up to £175 just for switching. Or, maybe now is the time to try out an app-only bank? This guide explains everything for 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.
There are a few different types of current account which may be worth considering depending on your circumstances. These include a standard current account, a packaged account which comes with extras such as travel insurance, a student account, graduate account or basic bank account.
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.
Here are some key points to compare current accounts:
Some accounts might charge a joining fee (this is becoming more and more rare. You’re probably more likely to be offered a joining reward for your custom. Vouchers, cash, exclusive deals – either way, keep an eye out!)
Some accounts may require you to pay in a certain amount each month. Not doing so could incur a penalty. If you don’t think you’ll be able to keep up with the payments, steer clear of these accounts.
You want to make sure your money is working as hard as possible. Comparing interest rates to find the most competitive deals is really important when choosing current accounts.
These vary from bank to bank. It’s important to know how much you’ll be charged for dipping into your overdraft, or exceeding your overdraft limit.
You may have heard of Monzo, Starling, N26, Revolut, and others. This wave of digital banking apps and challenger banks has emerged in the UK over the past few years. Head to our digital banking section to compare the lot.
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