Guides to Current Accounts | Current Account Companies

Current Bank Accounts

We use our current 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 bank account. 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 Bank Accounts

There’s a good chance that your current account is right at the epicentre of your finances, which makes getting the best account you possibly can essential. Here’s how to compare current account offers to find the best home for your money.

You may be surprised to learn that most people are more willing to move home than switch their current account.

However, if you are willing to make a change and transfer your account from one bank to another you’re likely to find that getting the best current bank account makes a big difference to your finances.

Here’s how to start looking for the best current bank account offers available in the UK.

What are you financial circumstances?

Finding the best bank current account will largely depend on your individual personal finances; the best account for your parents or friends may not automatically be the best choice for you.

Here are your options:

Usually in credit
If you always hold money in your current account then looking for current bank accounts with interest and other features added will help you to get more from your bank.

A growing number of current account providers no longer pay credit interest on the money in your account, instead banks encourage you to open a separate savings account instead.

However, there are still a number of current accounts paying interest, with some offering rates that beat many savings accounts on the market. With this type of account there may be a limit on how much of your current account balance will earn interest so carefully check each account’s ts and cs before you apply.

Looking for an overdraft
If you need a current account that comes with an overdraft facility, finding the cheapest account possible should be top of your list.

Most banks will charge you interest on whatever you owe in your overdraft; however, some will also charge a flat daily or monthly fee on top as well.

If you spend most of the month overdrawn finding the cheapest overdraft is vital for keeping your costs under control.

Poor credit history
If you have a poor credit record then your choice of current bank account is likely to be more restricted but this doesn’t mean that you should simply apply for the first bank current account you find.

There are several different basic bank accounts available in the UK and these are worth considering if you are looking for current bank accounts with bad credit. Each offers a range of different services, including debit cards, online banking and in some cases a cheque book so you’ll still have access to flexible banking facilities if not an overdraft or interest.

Added extras
If you want more from your current account than just a place from which to pay your bills and withdraw cash, you may want to consider one of the package accounts on offer.

This type of current account will usually charge a monthly fee and come with a selection of added financial extras, which can range from breakdown cover and mobile phone insurance to travel insurance and concierge services.

While packaged current accounts can seem like they cater for your many requirements with minimum hassle you will need to check that the benefits you’ll use justify the cost you’ll need to pay out.

Paid to switch
The current account market is one of the most competitive in the UK, and banks compete fiercely to get new customers to open accounts.

In fact, banks are so keen on landing your custom that some now pay for you to switch current accounts or offer other incentives to get you to switch.

While it is important to find the best bank current account that offers you what you need for your day to day banking, if you are left with several options, being paid to change to one bank rather than the other can make all the difference.

Compare accounts

After establishing the type of current account that best suits your circumstances you can start to compare current bank accounts that meet your requirements to find the best overall account for you.

You can compare all the best current account deals side by side using our best current accounts comparison table.