Best free bank accounts

Some bank accounts will charge you a monthly fee for their services, while others won’t. If you’re looking for a straightforward, fuss-free bank account with no monthly charges, here’s what you need to know.

Compare current accounts without account fees

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Name	Product	Ratings	Account fees	Funding requirement	Interest (AER)	Arranged overdraft	Incentive	Representative example	Link
OFFER Revolut Standard Account Revolut Standard Account	OFFER	Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	No minimum funding requirement	0% AER		Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).	Account fee of £0.	Go to site View details		loading Fetching your data...
Monzo Account Monzo Account		Finder score ★★★★★ ★★★★★ User survey ★★★★★ ★★★★★	£0	No minimum funding requirement	0% AER	39% APR representative (variable)	Monzo Instant Access Savings Pot earns you 3.40% AER interest (variable), paid monthly into the Pot you create.		View details		loading Fetching your data...

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Latest reviews of free bank and e-money accounts

Starling Bank - Current Account - Age 18 and over

Finder rating

★★★★★

Customer rating

★★★★★

Go to site Read review

£0

Min. opening balance

£0

Account fees

0.05% AER

Interest (AER)

• Account info
• Pros/cons
• Details

No fees overseas plus refer a friend and earn a free National Trust day pass – redeemable at hundreds of the places it looks after.

This online-only current account offers free ATM withdrawals abroad, alongside fee-free spending when overseas. The smartphone app which customers use to manage their account contains a wealth of features, including an analysis of your spending, the ability to freeze your debit card if it is lost or stolen, and instant notifications every time you spend money. Customers can pay in cash via the Post Office. Meanwhile, cheques can be cashed via the “Cheque Deposit” feature within the app. Account holders can also easily transfer money to their friends using the “settle up” and “pay nearby” features.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 15% EAR variable .

• Free ATM withdrawals and spending anywhere abroad
• Can deposit both cash and cheques for free
• Spending insights and saving tools
• 'Settle up' feature to split joint bills
• Pays interest on current account balance
• Overdrafts and loans available

• Lower ATM withdrawal limit than some other digital challengers
• No group savings feature
• Doesn't have a specific monthly budgeting tool
• No rewards program

Interest rate	0.05% AER
Minimum opening balance	£0
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£0
Overseas card transactions	£0
Overseas cash withdrawals	£0

Santander - Everyday Current Account

Finder rating

★★★★★

Customer rating

★★★★★

Go to site Read review

£0.01

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers.

This everyday account from Santander has no monthly fee and no minimum funding requirements to maintain it, making it ideal for those who are looking for a straightforward, fuss-free bank account. The account offers an arranged overdraft facility. The account can be easily opened online or in branch if you prefer, and it can be managed online, in branch, over the phone or via the app. To qualify you will need to be at least 18 years old and a UK resident.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable .

• No monthly fee
• Arranged overdraft
• Easy to apply for

• No interest paid on in-credit balances
• High interest charged on overdraft
• Limited features and extras

Interest rate	0% AER
Minimum opening balance	£0.01
Minimum operating balance	£0.01
Switch service guarantee	Yes
Account fee	£0
Overseas card transactions	2.95%
Overseas cash withdrawals	2.95%

Can you get a free bank account?

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. Most banks will also charge you for stopping a cheque, making a CHAPS payment and making international transfers.

Can you open a bank account without any money?

This will depend on the type of bank account you’re opening. However, basic bank accounts, which are designed for those with a poor credit history, won’t usually require you to pay in any money to open the account.

Basic bank accounts are, as the name implies, basic. So you’ll be able to carry out standard transactions such as paying bills by direct debit and withdrawing cash from an ATM, but your account won’t offer an overdraft or any perks or other benefits.

How to find a free bank account

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:

• Cashback or switching incentives
• Loyalty points
• In-credit interest
• Interest-free overdraft

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?

How to open a free bank account

If you’re happy to open your free bank account online, once you’ve run your comparison and chosen your account, simply click through to fill in the application form.

If you’d prefer not to open your account online, some banks will allow you to open the account in branch, over the telephone or even by post.

What do you need to open an account?

To open an account you’ll usually need to provide proof of ID, such as a driving licence or passport, and proof of address, such as a council tax bill or utility bill. You’ll need to provide personal details such as your full name, date of birth and address history, and you might also need to provide details about your income.

Keep in mind that a credit check will usually be carried out when you open a free bank account and if your credit score is poor, you may not qualify. If this is the case, you may be better off applying for a basic bank account.

What type of accounts can you get if you pay?

If you’re happy to pay a monthly fee for your bank account, you’ll have a much wider range of accounts to choose from.

Many paid-for (or packaged) accounts offer additional perks and benefits such as:

• Higher rates of interest on in-credit balances
• Cashback on household bills and at certain retailers
• Travel insurance, breakdown cover, mobile phone insurance and home emergency cover
• Access to preferential rates on other products such as savings accounts and mortgages
• Access to accounts in different currencies

However, as well as monthly fees, there are often strict eligibility requirements for this type of account. You might have to earn a high annual salary, have a certain amount in savings or investments, pay in a set amount each month or pay out a set number of monthly direct debits.

Fees and eligibility requirements will vary considerably, so always compare options carefully. You should also consider whether you’re likely to make full use of the benefits offered before applying for a paid-for account to ensure you’re not wasting money.

Pros and cons of free bank accounts

Bottom line

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.

Frequently asked questions

• Who can apply for a free bank account?

  You’ll usually need to be at least 16 years old to apply, with some accounts having a minimum age requirement of 18. You’ll also usually need to be a UK resident and have a good credit rating.

• Can I get a free bank account for my business?

  Yes, some business bank accounts won’t charge a regular monthly fee – although again, you’ll usually need to pay for certain transactions. You can compare business bank accounts here.

• How can I switch to a free bank account?

  You can switch to a new account through the Current Account Switch Service which guarantees your switch will be completed within 7 working days.