There are lots of straightforward, fuss-free bank accounts to choose from with no monthly charges, from both the challenger banks and the traditional high street names. Here’s what you need to know.
| Bank | Best for | Expert score |
|---|---|---|
| Monzo | Best for extra features & green banking | 9.3/10 |
| Starling | Best all rounder and for overseas spending | 9.8/10 |
| Chase | Best for cashback | 7.9/10 |
| Lloyds Bank | Best for payment features | 8.9/10 |
| Revolut | Best all-in-one finance app | 8.9/10 |
| Nationwide | Best for linked savings account | 9.1/10 |
| Zopa | Best for linked savings account | 7.4/10 |
| Kroo | Best for in-credit interest | 7.1/10 |
Monzo Current Account
9.3 ExcellentThis account from Monzo has no monthly fee and you'll be able to set up your account online or via the app with ease - in fact, Monzo says it will take less than 15 minutes. Once up and running, you'll benefit from free UK bank transfers and be able to set up different 'pots' to separate your money for different purposes. The app gives you instant spending notifications, plus your spending will be categorised so you'll know exactly what you've spent where. You'll also have access to saving accounts as well as loans and an overdraft.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable.
Starling Current Account
9.8 ExcellentThere's no monthly fee with this current account from Starling and you won't be charged for card transactions in the UK or abroad either. It's easy to apply for the account via the app or online in a matter of minutes. All you'll need to provide is a few personal details and a valid photo ID. You can save money into different virtual jars as well as round up transactions and save the change. Use the app to track your spending, freeze your debit card and set budgets.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 15% EAR variable.
Revolut Standard
8.9 GreatYou can open the free Standard Revolut plan in just minutes. Once your account is up and running, you can manage it via the Revolut app. This lets you set spending budgets for your groceries, socialising and so on, while its round-ups feature rounds up spare change from your transactions and shifts it to a savings pot. You can enjoy fee-free withdrawals of up to £200 a month (or 5 withdrawals) and fee-free currency exchange on weekdays of up to £1,000 a month. The account also includes airport lounge access and you can earn one ‘RevPoint’ per £10 spent, turning card purchases into perks like air miles.
Nationwide Building Society FlexDirect <£1,500 per month
9.11 Excellent| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
This account from Nationwide has a whole host of benefits and no monthly fee. If you stay in credit, you'll earn a competitive rate of interest on your balance up to a limit. But it's also a great account if you need an overdraft as it comes with an interest-free overdraft for the first year. You can open the account online if you're at least 18 years old and a UK resident. You'll need to register for online banking during the application, so you can manage the account online. It can also be managed over the phone.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Chase Current Account
7.9 Great| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
We picked Chase as the best bank account for cashback because its cashback offer is head and shoulders above the rest in how much you can earn each month and because it has no monthly fee. New customers can earn 1% cashback on their debit card spending for the first 12 months, but cashback is capped at £15 a month. This applies to purchases like groceries and travel. As well as no monthly fee and cashback, Chase’s account also comes with free spending and cash withdrawals abroad.
| Account fees | £0 |
|---|---|
| Interest (AER) | 0% AER |
Zopa Bank Biscuit (Higher Interest)
7.4 Great| Account fees | £0 |
|---|---|
| Interest (AER) | 2.75% AER |
Some free bank accounts are pretty basic with limited features. But that’s not the case with Zopa’s Biscuit account. There is no monthly fee to pay, and while you can do everything you’d expect with a bank account, you’ll also benefit from a range of perks. These include 2% cashback on household bills (capped at £2.50 a month), interest on your account balance, no fees for spending on your debit card abroad, and access to a regular savings account paying a competitive rate of interest. However, you will need to be happy opening and managing your account via the Zopa app and there is no overdraft available.
| Account fees | £0 |
|---|---|
| Interest (AER) | 2.75% AER |
Kroo Bank Current Account
6.3 Standard| Account fees | £0 |
|---|---|
| Interest (AER) | 3.25% AER |
You'll need to join Kroo through its app, and by doing so, you'll benefit from a competitive rate of interest on your current account balance. Plus you'll be able to spend on your debit card abroad without being charged foreign transaction fees. The account has no monthly fee and it's easy to monitor your spending though the app as well as sort out expenses and payments owed to others. An overdraft is also available on the account.
| Account fees | £0 |
|---|---|
| Interest (AER) | 3.25% AER |
Yes, it is possible to apply for a bank account that won’t charge you a regular monthly fee. Many of these accounts also won’t charge you for standard transactions such as paying money in, paying money out and withdrawing cash.
However, banks have to make their money somewhere, and while basic transactions may be free of charge, you’ll still have to pay for certain services. For example, if you have an overdraft on your bank account, you’ll likely be charged interest if you use it. Note that as of April 2020, banks must charge 1 consistent rate of interest on all overdraft facilities and can no longer charge monthly or daily fees.
You might also be charged a fee if there are insufficient funds in your account to cover a direct debit or standing order, or if you use your bank card for foreign transactions abroad. We have a separate guide on bank accounts with low overseas charges. Most banks will also charge you for stopping a cheque, making a CHAPS payment and making international transfers.
You can find a free bank account in the same way as any other bank account. Simply run a comparison and look for the account that suits your needs best, making sure that you meet the eligibility criteria.
While most free bank accounts will let you set up direct debits and standing orders, withdraw money from cashpoints, check your bank balance and transfer money, some will also offer additional features such as:
You’ll need to think carefully about what matters most to you to help you find the right account. For example, if you regularly use an overdraft, your priority should be finding an account that offers an interest-free overdraft. Or if you always stay in credit, look for an account that pays interest – this will usually be payable up to a set balance.
It’s also worth checking which transactions might not be fee-free to ensure you find the most competitive account. You might also want to check how each account can be managed. For example, do you want to be able to do some of your banking in branch, or are you happy to manage your account online or via an app only?
Follow these steps to open a bank account online.
To open an account online, you’ll generally need to:
Read up on what are the requirements to open a bank account
You don’t have to pay for a bank account and there are lots of excellent free accounts to choose from. With a paid-for account, you’ll usually have travel insurance and breakdown cover thrown in – among other things – so if you’re already paying for these separately, it’s worth checking if it’ll be cheaper to access them through a paid-for bank account. If it’s not, choose a free one and buy the products you need separately.”
The whole process shouldn’t take more than 10 minutes. If you’re at least 18 years old, you can apply for most accounts online. You’ll be provided with a checklist of things you should have with you before you apply. If you’re an existing customer of the bank, make sure you have your relevant customer ID or account number.
Requiring ID helps banks to protect you from fraud. They need to verify your ID to make sure it’s really you opening the account, and not someone trying to steal your identity.
Most accounts allow you to apply for a joint account with one or more people. If you’re applying for a joint account, all account holders will need to provide their personal information, including proof of address and ID.
If you’re looking for a convenient and cheap way to carry out your everyday banking tasks, a free bank account could be right up your street. Just make sure you check the eligibility criteria carefully and keep in mind that additional features and perks of the account will likely be more limited compared to one that charges a monthly maintenance fee. You can compare current accounts here.
New to Starling? See if you can keep some more money in your pocket with our promo codes and special offers.
Discover whether Kroo’s account and card could work for you.
New to Revolut? Check out what it offers and see if you can save more with our discount codes and deals.
Nationwide has one of the most competitive current account offers available on the market. Discover their features, compare options and apply.
Barclays offers a full range of current accounts with different sets of perks and rewards. We compare and contrast them to help you choose the right one.
Compare Halifax current accounts to find the best option for you.
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?
With a current account from The Co-operative Bank, you’ll get access to worldwide travel insurance from AXA, UK and European breakdown cover from RAC, everyday rewards and the option to have a greater degree of control over your spending.
Ireland’s largest financial services group offer a variety of eye-catching features with their current accounts, including cashback rewards.
Copenhagen-based Danske Bank has a current account for everyone, from 11-to 17-year olds to those wanting fee-free cash withdrawals in non-sterling currencies. You can earn a £7 cash reward paid into your account each month, zero interest and fees on the first £100 of an overdraft and favourable interest rates on personal loans.
