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Get £175 to switch
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- Exclusive savings account access
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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.
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.
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.
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.
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:
Depending on what your new bank is offering at the time, switching through CASS may also allow you to access switching bonuses and rewards. Most current account switches are done online but there are still a few banks that aren’t part of CASS, like Chase.
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:
Apart from standard current accounts that prioritise one feature or another, there are also dedicated types of current accounts to suit other specific needs:
When picking a new current account, check all the potential costs. Here are some of the fees you may come across:
Current accounts are an essential tool to manage your daily finances. They provide a means to receive your salary and benefits, and enable you to make payments, pay your bills and build your credit history.
There is no one size fits all when it comes to getting a current account, so be sure to do your research to find an account that best suits your circumstances.
When comparing accounts to find the best option for you, there are a variety of factors to consider, including overdraft terms, online banking facilities and customer service quality.
Some accounts, including packaged bank accounts that offer perks like insurance, come with monthly fees, so it’s a good idea to factor these charges when making a decision.
Learn more about setting up direct debits to earn current account rewards.
Find out what the First Direct 1st Account offers to see if it’s right for you.
While it’s impossible to open a bank account without proving your identity, banks accept a range of documents as ID; so even if you don’t have a passport or a driving licence, you should be able to get one. Here’s how to go about it.
Digital challenger bank Monzo has launched a new Premium tier for its current account. We take a look at the cost and what’s on offer.
The UK’s first digital bank, smile is known for its role in past technological innovations in banking. While it was on the cutting edge of banking in the late 90s, is it still today?
thinkmoney offers a digital-only current account dedicated to people who have poor credit or struggle to organise their finances and keep up with their bills. Read our review to find out more.
Is the digital-only bank the right option for you? Read our review to get the low-down on all of Starling’s features and benefits. We cover everything from Starling’s overdraft service to whether the card can be used abroad.
Is a Cashplus current account right for you? Read our review to find out more about its credit builder feature and the fees involved.
Is Revolut’s app-only account the solution for you? Our review of this challenger banking brand explores the features and fees of its free Standard plan, and outlines the other Revolut accounts available.
You can open and use a Monese account in the UK and across Europe. We round up the fees and features of this app-based current account.
Can a non-UK resident who works in the UK open a current account online with you?
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
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.
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