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.
What current account are you looking for?
To answer this question you need to know what you need from your account.
- Current accounts with rewards, benefits and perks. 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!)
- Current accounts with high interest. 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.
- Current accounts with an overdraft. 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.
- Current accounts with a great app. 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.
Have you thought about a digital only bank?
Digital banks like Starling Bank, Monzo and Revolut have stolen all the headlines in fintech for the last few years. In the Finder office we’re big fans. These accounts are:
- Cool features! This is the best thing about them. Banking apps like Monzo, Starling and Revolut are constantly evolving and adding great features. The whole experience feels more user centred, something you get less from traditional banks in our experience!
- Super easy to set up. Most digital banks can be
- There’s no fees. Same as most current accounts, but worth knowing!
Compare challenger banks and apps
Who can get a current account?
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.
How to switch your current account online
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.
Ask an Expert