Bank accounts can be useful for all sorts of reasons. They enable you to receive your salary or state benefits, and they can help you pay bills and make other payments.
Revolut Standard
8.9 GreatRevolut's standard plan charges no monthly fee which is ideal when you're opening your first bank account. The account is managed online and via the app, and you can enjoy fee-free withdrawals of up to £200 a month and fee-free currency exchange on weekdays of up to £1,000 a month. What's more, the account includes airport lounge access and you can earn one 'RevPoint' per £10 spent, turning card purchases into perks like air miles.
Monzo Current Account
9.3 ExcellentThe free account from Monzo can be a great way to help you manage your finances. You'll get instant spending notifications and be able to monitor your spending habits through the app, with alerts if you're spending your money too fast. The app also makes it easy to split bills with friends and you can start building up a savings cushion with the Monzo Savings Pot and Cash ISA accounts. The nifty round-ups feature also rounds up your spending to the nearest pound and transfers the spare change to your Pot. There's even an option to apply for an overdraft on the account.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable.
TSB Spend & Save Plus
9.8 ExcellentThis everyday current account from TSB has no monthly fee and comes with an arranged overdraft and cashback rewards. Each month you make at least 20 debit card payments, you'll earn £5 cashback, for the first 6 months. You can also set money aside in different savings pots to help you get better at budgeting and saving, while the Save the Pennies feature rounds up all debit card payments to the nearest £1 and transfers the difference into your savings. In addition, My TSB Rewards gives you discounts at certain retailers or for important things like writing your will.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable. Account fee of £3 per month.
Bank accounts come in all shapes and sizes, so when choosing one you’ll need to consider which features are most important to you.
If you’re opening an account for a child or a teenager, bank accounts tend to be fairly basic and won’t offer facilities such as an overdraft or a debit card (unless you give permission). In this case, you can simply compare how much interest each account pays and take it from there.
However, if you’re an adult, it’s a good idea to ask yourself the following questions to help you find the right account:
Getting your priorities straight can help you to select the account that best matches your needs. You can compare a range of bank accounts here. Keep in mind that if you have a low credit score, you may find it harder to get accepted for a mainstream bank account, particularly if it has an overdraft. In this case, you may want to look at basic bank accounts which offer limited facilities but are designed for those with bad credit. There are also specialist bank accounts for those with bad credit.
To open your first bank account, you will need to provide your bank with a range of documents and details. This can vary between providers but usually includes:
Depending on the account, you may be able to open it online, over the phone, by post or in person at your nearest branch. You’ll need to fill in an application form and provide the above details and documents. If you open your account over the phone or online, depending on the bank you may still be required to bring your proof of ID and address into a branch.
Once that’s complete, your chosen bank might run a credit check to look at your financial history – particularly if the account has an overdraft. If you pass and your application is accepted, your provider will get in touch, your account will be opened and you’ll then receive your debit card and PIN separately in the post.
Depending on the provider and how you’ve opened your account, it can take up to 10 working days to complete the account opening process. Once you’ve received your debit card you’ll usually need to activate it online or by phone before you can use it.
Children’s bank accounts can usually be opened from the age of 11. Adult accounts can usually be opened from the age of 18, although some accounts are available to those aged 16 years or over.
Bank accounts can be useful for managing your everyday finances. They enable you to receive payments, including your salary, directly into your account, and can help you pay other people and bills. Some accounts will also offer a host of additional features and benefits.
However, as with any financial product, it’s crucial that you shop around and look for an account that suits your needs best, paying particular attention to any fees or conditions of the account so that you don’t get caught out. You can compare bank accounts here.
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