Guides to Current Accounts | Current Account Companies

Best Current Accounts

We use our bank accounts every day, whether it’s paying for the weekly shop, receiving wages or making a direct debit. But yet relatively few ever take the time to consider if we’re getting the best deal from our current accounts. With a huge selection of accounts available in the UK there’s a big chance that you could be making your money work harder.

	Monthly Charge	Minimum Monthly Credit	Overdraft Interest Free	Overdraft Standard Rate	Overdraft Standard Charge	Headline Interest Rate
Santander Preferred Current Account	£0	£1,000	none	0%	£0.50 per day	5%
Representative Example: 0% EAR (variable) Arranged Overdraft. No Daily Arranged Overdraft Fee for the first 12 months. Then 50p per day capped at 10 days each monthly statement period applies thereafter. Assumed Arranged Overdraft credit limit: £1,200. Actual amount may differ
NatWest Select Account	£0	£0	£100	19.89%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.89% EAR (variable).
The Co-operative Bank Current Account Plus	£0	£800	£0	0%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 0% EAR (variable).
Halifax Reward Current Account => £1,000 per month	£0	£1,000	none	0%	£1-2 per day	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 0% EAR (variable).
The Co-operative Bank Privilege Account	£9.50	£0	£200	0%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 0% EAR (variable).
First Direct 1st Account	£0	£0	£250	15.9%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 15.9% EAR (variable).
Barclays Bank Account	£0	£0	none	19.3%	£0	0%
Representative Example: Up to £5,000, 19.3% interest per annum (variable). Subject to status & application.
RBS Select Account	£0	£0	£100	19.89%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.89% EAR (variable).
HSBC Bank Account	£0	£500	none	19.9%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.9% EAR (variable).
Nationwide FlexAccount	£0	£0	none	18.9%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 18.9% EAR (variable).
The Co-operative Bank Privilege Premier	£13	£0	£300	0%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 0% EAR (variable).
thinkbanking Card Account	£14.50	£0	-	-	-	0%
Barclays Current Account Plus	£6.50	£0	£300	18.3%	£0	0%
Representative Example: Up to £300, 0% interest per annum (variable). £301-£5,000, 18.3% interest per annum (variable). Subject to status and application.
NatWest Advantage Gold	£12.95	£0	£100	19.49%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.49% EAR (variable).
NatWest Select Silver Account	£8	£0	£100	19.89%	£0	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.89% EAR (variable).
Barclays Additions Active	£15	£0	£300	18.3%	£0	0%
Representative Example: Up to £300, 0% interest per annum (variable). £301-£5,000, 18.3% interest per annum (variable). Subject to status and application.
Lloyds TSB Business Account for Start-ups	£5	-	none	variable	Unlimited	0%
Halifax Ultimate Reward Current Account => £1,000 per mth	£15	£1,000	£300	0%	£1-2 per day	0%
Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 0% EAR (variable).
Barclays Business Current Account Free Automated Tariff	£5.50	-	none	variable	Unlimited	0%
Lloyds TSB Business Account for Switchers	£5	-	none	variable	Unlimited	0%

How to Find the Best Current Accounts UK Banks Have to Offer

When it comes to switching current account you’re spoilt for choice - here's how to get the best deal.

Banks and building societies offer such a huge variety of current account deals that finding an account that helps you make the most of your money is relatively simple.

All you need to do is think about how you use your existing current account, decide what you need from your new current account and compare current accounts from as many different providers as possible so that you can choose the best current account with benefits that suit the way you manage your money.

Switching bank accounts is easy too as most banks now have an in-house team dedicated to helping new customers transfer their banking. Once you’ve applied for a new account and instructed the bank to switch your banking from your old account to your new one, they’ll do all the leg work for you.

You simply need to check the paperwork you’re sent to ensure that all of your direct debits and standing orders are identified and switched across. Of course, keeping a close eye on your account balances while this is going on is a must just in case anything untoward happens.

For added reassurance most banks will offer an extended, interest free overdraft while the switch is taking place and this buffer will help to protect you against any discrepancies while your finances are being transferred from one provider to another.

How to choose the best current account

When it comes to choosing the best current account UK banks and building societies have to offer you need to keep an open mind.

The internet has opened up options that were never previously available and the best current account deals on offer from online-only banks are often just as attractive as the best current bank accounts available from a bank with high street branches. For this reason both are very much worth considering when you’re seeing what the best UK current accounts have to offer.

That said, you will need to consider whether you’re happy with an online-only account or if an option that offers branch access is important to you.

Similarly, consider whether an account that offers a cheap or free overdraft facility or one that pays a high interest rate on your in-credit balances is going to work out better for you in the long run. This alone will help you to narrow down your options to a range of bank accounts that will help as opposed to hinder you when it comes to managing your money.

You’ll also need to decide whether you are happy to pay out a monthly fee in return for extra benefits like travel and mobile phone insurance all bundled together with your current account. While this can seem like a convenient way to get most of your financial products sorted in one fell swoop, current accounts with benefits don’t always represent the best value for money. So, if you are considering a reward current account make sure you fully compare your options and work out whether it’s worth paying out for.

You should also check the terms and conditions of any account you plan to apply for and make sure that you’re aware of any charges that are imposed and any monthly minimum you need to pay in.

Do this and once you’ve carried out a current account comparison and found the best current account for your circumstances, you can be confident that you really do have the best UK current account possible.