Guides to Current Accounts | Current Account Companies

Compare 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	Headline Interest Rate
Santander Preferred Current Account	£0	£1,000	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	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%
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	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	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	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	0%
Representative Example: Up to £5,000, 19.3% interest per annum (variable). Subject to status & application.
RBS Select Account	£0	£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	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	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	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	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	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	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	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	-	0%
Halifax Ultimate Reward Current Account => £1,000 per mth	£15	£1,000	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	-	0%
Lloyds TSB Business Account for Switchers	£5	-	0%

How to Compare Current Accounts

The current account market is a very competitive place and you need to be smart if you want to get a good deal.

Banks know that once you open a current account with them you’re a captive audience for their other financial products

As people tend to be strangely loyal to the bank they hold their main current account with this means they’ll often take out mediocre deals, settle for less-than-brilliant customer service and pay out extra in charges and fees than they would if they shopped around.

This potential for profit means it’s in a bank’s interest to make their best current account offers as attractive as possible, even if they're only mediocre. You must bear this in mind when you compare current account deals.

How to choose the best current account

When you’re looking for the best current bank account for your circumstances you should start by thinking about how you’ll use your account.

If you never dip into your overdraft then you should look for the best current account deals that pay interest on your money while it’s sat in your account. Carry out a high interest current account comparison and choose the current account that offers you the best rate for the longest period in combination with the other facilities you need.

If you spend most of the time in your overdraft then it’s an overdraft current account with the lowest fees that’s likely to work out best for you. So, when you’re looking at current accounts compare the interest rate applied to overdrafts and check whether an overdraft usage fee applies.

Some overdraft current accounts will apply a daily fee instead of an overall interest rate. Check whether this type of account will work out more or less cost efficient for you and go with the option that will cost you the least to maintain.

If you swing between being in credit and overdrawn then look for an account that offers the best of both worlds – a cheap or free overdraft and interest for when you’re in credit.

It’s also really important to think about how you’ll want to manage your account. Is online banking essential or do you only ever use a branch service? Will you want a cheque book? Are you willing to pay a monthly fee in return for a package of rewards?

You’ll also need to consider how much money you’re likely to pay into your current account each month. Many accounts now specify a minimum amount that you need to pay in each month. Fail to do this and you’ll incur an underfunding fee. So, if you choose an account that has a monthly minimum credit make sure that you are able to meet it each month without fail.

Once you’ve established exactly what you want your current account to do for you can compare current accounts with benefits that you need and by doing so be able to choose from the best current accounts UK banks and building societies offer in order to find the account that'sright for you.