While there selection of current accounts isn’t too large, there is enough variety to meet the needs of the RBS banking community.

Interest Paying Current Account

This is the standard current account from RBS, which incurs no monthly service charge and includes the basic features and services current account customers have come to expect.

• Interest – Unlike the basic accounts at many other institutions, the RBS Interest Paying Current Account does provide you with a return on your balance. The current AER for this account is .10%, which is credited daily and paid into the account monthly.

• Minimum Balance – This account does not appear to enforce a minimum balance or monthly deposit amount at this time.

• Services – In addition to interest earnings, this account offers a debit card, overseas access to your money, monthly statements and an online banking option. Overdraft facility is also available to qualifying individuals.

• Fees – There are no monthly maintenance fees assessed on this account. Customers who use the overdraft service will be subject to interest charges on the amount used.

• Overdraft Facility – Overdraft services are available on this account. The amount will vary based on the customer’s income amount and credit history. The amount used on the overdraft will be subject to charges, based on how much is used and whether the overdraft was arranged ahead.

Extra Benefit Current Accounts

For customers who want many more features from their current account, RBS offer the Extra Benefit Current Account. There are two different categories of this account, which vary in terms of the monthly fee and the services included.

• Interest – The AER on Extra Benefit Current Accounts is .15%, offering a little more income than standard current accounts. If you keep a large enough balance in the account, you may be able to offset most or all of your maintenance fees with your interest payments.

• Minimum Balance – There does not appear to be a minimum balance or deposit requirement for either extra benefit account.

• Services – The service varies slightly on these accounts, but both features mobile phone insurance, travel insurance and credit cards. The accounts also offer discounts on a variety of goods and services, including insurance and entertainment.

• Fees – The fees range from £6.95 to £12.95 per month. Higher fees mean more services are included with the account. The monthly fee cannot be waived with a minimum balance or deposit amount.

• Overdraft Facility – Overdraft facility is available on both of these accounts. Interest charges and usage fees will vary based on the amount of overdraft used and whether it was arranged ahead.

RBS is a large UK institution with numerous products and services available to its customers. You can open your current account with RBS online or at one of the brick and mortar branches located across the UK.

The company offers a variety of current accounts to its UK customers to ensure they meet the diverse needs of their banking base in the region.

Bank Account

This is the most basic type of current account with HSBC, but even the basic offers a host of products and services.

• Interest – This account does not offer interest at this time, but customers can link to a high-earning savings account to get interest income from their savings balance.

• Minimum Balance – The Bank Account requires customers to make a minimum deposit of £500 each month. If the minimum is not maintained, customers will be automatically switched to a different type of account or notified that they will need to close their account completely.

• Services – For a basic account, this product is fairly loaded with services, including a debit card, checkbook, direct debit and monthly payments. Qualifying customers can also get overdraft service and customers who pay an additional fee can get identity theft protection and PrivacyGuard.

• Fees – There is no monthly fee for this account, but customers do need to maintain the deposit requirements to keep the account open. Additional services will incur more fees.

• Overdraft Facility – This service is available to qualifying customers. Amounts will be based on individual income level and credit history. Fees for the service vary based on the type of account that is open and how much overdraft is used.

HSBC Premier Account

This is the cream of the crop for current accounts at HSBC, with a plethora of features and services attached. It is only available to individuals who earn £100,000 or more a year and have more than £50,000 in savings or investments with HSBC.

• Interest – This account does not appear to offer interest earnings at this time.

• Minimum Balance – The account is only available to customers who meet the above requirements. Customers who no longer meet the requirements may be asked to switch their account to a different current account product.

• Services – This is a highly personalized type of current account, with access to your own relationship manager and an independent financial advisor. In addition, this account provides international services, travel amenities and a premier credit card. Additional exclusive benefits and pricing will also be offered from time to time.

• Fees – There is no fee for this account, but minimum requirements must continue to be met to keep the account open and avoid a monthly charge.

• Overdraft Facility – This service does not appear to be available on the HSBC Premier Account.

HSBC is a very large institution with a wealth of products and services available to their customers. You can apply online for an HSBC current account at any time or visit one of their branches located across the UK. Information provided here about HSBC accounts is subject to change at any time. Contact HSBC directly for the most current information.

Bank of Scotland currently offers a variety of current accounts designed to meet the diverse needs of its customers.

Current Account

This is the most basic current account available through the Bank of Scotland, which provides all the necessary services for daily banking. While the account offers few frills, it is also a relatively inexpensive account to maintain.

• Interest – This account does not offer interest earnings at this time.

• Minimum Balance – There is no minimum balance or deposit requirement to maintain this account and avoid a monthly service charge.

• Services – All the basics are included with this account, including a Visa debit card, access to Bank of Scotland’s 24-hour telephone and Internet banking services, and overdraft facility to qualifying individuals.

• Fees – This account is free to account holders unless the overdraft is used.

• Overdraft Facility – Bank of Scotland offers a unique payment structure for use of the overdraft facility. The current EAR on the overdraft accounts is 0%, but customers are charged a daily fee when the overdraft is used. The amount will vary based on how much overdraft is used and whether or not it was arranged beforehand.

Ultimate Reward Current Account

This current account offers more features, but it also comes with a monthly service charge.

• Interest – Instead of an interest rate, this account offers a £5 reward payment every month that £1,000 is deposited into the account. Payments are based on the calendar month, rather than the date that you open the account.

• Minimum Balance – To receive the £5 reward payment, you must deposit a minimum of £1,000 into the account each month. There is no minimum balance requirement allowed to waive the monthly service charge.

• Services – In addition to the services available on the Current Account, the Ultimate Reward Current Account offers travel insurance, car breakdown cover and mobile phone insurance.

• Fees – The monthly fee on the account is £12.50. This fee is not waived with a minimum balance or deposit requirement. In addition, there are charges for overdraft facility when it is used.

• Overdraft Facility – This feature is available to customers who qualify. Amounts will be based on the customer’s income amount and credit history. Charges are similar to those described above and include a flat daily rate that is based on the amount of overdraft used and whether it was arranged or not. Customers can use up to £300 of the overdraft without incurring a fee.

Bank of Scotland is a large institution with brick and mortar branches across the UK, as well as access to phone and Internet banking services. Customers can apply for a current account online or in the branch. Information provided here is subject to change at any time, and current information should be checked through the Bank of Scotland.

Today, the company offers a wide selection of banking products and services, with branches throughout the UK, as well as online banking for the convenience of their customers. This bank offers one of the largest selections of current accounts, ensuring customers are sure to find a product that fits their needs.

Current Plus Account

This is the regular current account NatWest offers, without many frills, but without many charges either.

• Interest – The Current Plus Account offers an AER of .10% on credit balances, which is paid once a month. There does not appear to be a minimum balance or deposit requirement to earn this interest rate.

• Minimum Balance – There is no minimum requirements on this account to earn interest and avoid a monthly service charge.

• Services – For a basic account, this product offers a good range of services, including a checkbook, debit card, monthly statements and direct debits. Customers who qualify can also get overdraft facilities, and services like mobile phone cover or car breakdown cover can be added for an extra fee.

• Fees – There is no monthly charge on this account. Overdraft does incur fees when it is used. Rates vary based on the amount of overdraft issued and used, and whether the overdraft is arranged or not.

• Overdraft Facility – Customers are able to use overdraft protection up to £100 without a fee. Some overdraft usage may be subject to an arrangement fee, and unarranged overdraft use will incur a bigger charge.

Advantage Accounts

These accounts are advertised by NatWest as the accounts with all the extras. Each advantage account comes with a monthly fee and offers a much longer list of services and benefits than their standard current accounts.

• Interest – Like other NatWest current accounts, this one pays interest at a rate of .10% every month.

• Minimum Balance – There does not appear to be minimum requirements on this account to earn interest or avoid the monthly service charge.

• Services – In addition to the services listed on the Current Plus Account above, this account offers additional services like travel insurance, cinema tickets, mobile phone insurance and car breakdown cover. More expensive Advantage accounts also offer personalized banking service, as well as discounts on a variety of products and services NatWest offers.

• Fees – The fees for Advantage accounts range from £6.95 to £19.95 each month. The fees pay for the many services attached to the account and are not waived for specific balance or contribution amounts.

• Overdraft Facility – This option is available on all Advantage accounts, and it works in a similar fashion to overdraft on the Current Plus Account.

NatWest offers a good variety of current accounts that are sure to appeal to all of their customers’ needs and preferences. This bank offers the option of banking online or stopping by one of their branches located across the UK for personalized service.

Before demutualizing and merging with Bank of Scotland, Halifax was known as one of the largest building societies in the UK. Today, this bank offers two different current account products to its customers.

Current Account

This account is available to customers who are looking for a straightforward approach to their banking business. The account is no-frills, but customers don’t have to pay much for the product either.

• Interest – The Halifax Current Account does not pay out interest at this time.

• Minimum Balance – This account does not require a minimum balance or monthly deposit amount. There is no monthly fee on the account, regardless of what your balance might be.

• Services – This account offers all the basics customers have come to expect from a current account, including a Visa debit card and access to Halifax’s 24-hour telephone and online banking services. Overdraft facility is also available to qualifying individuals.

• Fees – There are few fees assessed on the Current Account, unless you use the overdraft facility. The basic services are included with the account, and there is no monthly fee if you fall below a particular balance.

• Overdraft Facility – Halifax offers a unique system of overdraft fees, with a set daily rate when the overdraft is used. Arranged overdrafts up to £2,500 are assessed a fee of £1 per day, while arranged overdrafts over that amount are charged £2 a day. Unarranged overdrafts are always charged a rate of £5 per day, regardless of the amount. The interest rate (EAR) on overdraft accounts is 0%.

Ultimate Reward Current Account

The Ultimate Reward Current Account by Halifax is for customers who want to get more out of their accounts. This account offers plenty of features, including a reward payment system that replaces traditional interest payments on interest-earning accounts.

• Interest – Instead of an interest rate, Halifax pay £5 for every month you contribute at least £1,000 into your current account. Payments are based on calendar months, not on your opening date.

• Minimum Balance – To earn the monthly reward, customers must deposit a minimum of £1,000 into the account every month. There is a monthly service charge of £12.50, whether the minimum contribution is made or not.

• Services – This account is fairly loaded with features, including standard services like a debit card and access to Halifax’s 24-hour telephone and Internet banking service. In addition, this account offers travel insurance, car breakdown cover and other exclusive offers. Overdraft facility is also available to qualifying customers.

• Fees – There is a monthly fee of £12.50 for this account, which is not waived when a minimum balance is met. There are also charges involved with using the overdraft facility.

• Overdraft Facility – Overdraft facility is available on this account, and the first £300 used is free of charge. After this amount, Halifax offers the same unique payment structure listed for the Current Account above.

Customers interested in a Halifax account can apply online or in person at one of their many branches across the UK.

Barclays offers a large range of different current accounts at this time in an effort to meet the diverse needs of its customers. We will review some of the basic products here.

Barclays Bank Account

The Barclays Bank Account is a straightforward account that offers most of the features typical of current accounts today.

• Interest – This account does not pay interest at this time.

• Minimum Balance – There are no minimum balance or deposit requirements, and there is no monthly fee for the account.

• Services – This account comes equipped with a debit card, checkbook and overdraft facility to qualifying customers. Customers also have the option of registering for telephone and online banking.

• Fees – There are no monthly service fees for this account. The overdraft facility does incur an interest charge when it is used.

• Overdraft Facility – This feature is available to qualifying applicants. The amount will vary based on the individual’s income level and credit history. Interest charges will accrue on outstanding balances.

(reviews) Current Account Plus

While the basic bank account offers just the key components of a current account, the Current Account Plus is loaded to the brim with services and features.

• Interest – The Current Account Plus does not pay interest at this time.

• Minimum Balance – There are no minimum balance or deposit requirements, and there is no monthly fee for using the account.

• Services – This account is filled with services, including the standard debit card, checkbook, overdraft facility option and access to Internet and phone banking services. In addition, the Current Account Plus offers mobile phone insurance, identity support advice, cardholder protection and extended warranty options.

• Fees – There is no monthly fee on this account. Overdraft protection is free up to a £300 limit.

• Overdraft Facility – Overdraft protection is available on this account to qualifying applicants. Limits will be based on the individual’s income level and credit history. There are no interest charges on overdraft amounts up to £300, meaning you can enjoy protection from overdrafts for free.

Other Current Accounts

In addition to these two popular current accounts, Barclays also provides a host of other options, including:

• Additions Active – For customers who travel frequently
• Premier Life – A current account that offers personal service and exclusive benefits
• Graduate Additions – Designed specifically with graduates in mind; includes interest-free overdraft
• Student Additions – For students still in school; includes interest-free overdraft
• Cash Card Account – The most basic current account that offers a choice of debit or cash card

With so many options to choose from, Barclays provides a current account that will easily match your specific financial needs. Customers have the option of opening an account at one of the many Barclays branches across the UK or online.

This bank has a long history and a large base to offer customers security with their money. Barclays is a good choice for customers of about any age and income level today.

Preferred In-Credit Rate Account

This account is available to customers 18 years of age or older who are permanently living in the UK. The application can be completed online as long as you have an email address and Internet access.

• Interest – This account pays an impressive 6% interest on balances up to £2,500, which is fixed for the first 12 months after the account is opened.

• Minimum Balance – To qualify for the rates and avoid a monthly service fee, customers must credit a minimum of £1,000 to the account each month.

• Services – The account comes with overdraft facility, telephone and Internet banking access, a debit card and a checkbook.

• Fees – There is no monthly fee, as long as £1,000 is deposited into the account each month. Interest charges are also waived on the overdraft facility for the first four months after the account is opened.

• Overdraft Facility – This account does include overdraft facility and offers a limit of up to £5,000, depending on the customer’s limit at his previous bank. The customer must qualify for the overdraft limit.

Zero Current Account

This is available to Santander customers who also have their mortgages with this institution.

• Interest – The account pays 6% on balances up to £2,500 for the first 12 months.  The customer must deposit a minimum of £1,000 each month to maintain this interest rate.

• Minimum Balance – The customer must contribute at least £1,000 per month to maintain the interest rate and avoid service charges. The mortgage must also be current to qualify for the account.

• Services – This account comes with overdraft facility, checkbook, debit card and phone and Internet banking access. Most of the services included with this account are free of charge.

• Fees – Monthly fees are waived if the minimum contribution (£1,000) is made each month. There are also no fees to use your debit card or if you exceed your overdraft limit.

• Overdraft Facility – Overdraft is available on this account to qualifying customers. There are no fees for exceeding the limit, but interest charges do apply.

In addition to these two current accounts, Santander also offers a Reward Bank Account that comes loaded with services for a low monthly fee. The Premium Account provides even more services and features, but the monthly fee is slightly higher.

Their Preferred Overdraft Rate Account offers free overdraft facility for the first 12 months, as long as the customer contributes £1,000 monthly. Overdraft facility is available for up to £5,000, depending on customer’s previous account history and credit rating.

These features and fees are subject to change at any time. Contact Santander for the most current account information possible.

Premier Direct Current Account

This Alliance and Leicester current account is available to customers over 21 who will be able to pay at least £500 into the account each month. To access the Internet banking services, customers must have an email address and Internet capabilities.

• Interest – This account currently pays 6% AER, which is fixed for the first year. After one year, the account has a variable rate that can fluctuate up to 1% at a time. Larger balances (over £2,500) earn .10% AER.

• Minimum Balance – Customers must be able to put £500 into the account each month to avoid a monthly service fee.

• Services Included – This account comes with overdraft facility and free annual multi-trip European travel insurance.

• Fees – A monthly fee is incurred if £500 is deposited each month. There are no fees for overdraft facilities for the first year.

• Overdraft Facility – For the first year, there is a 0% EAR and no usage fees when overdraft is used.

Premier Current Account

This current account is similar to the account listed above, and it is available to customers over 21 who can deposit at least £500 into the account each month.

• Interest – This account does not pay out interest.

• Minimum Balance – Customers must be able to put £500 into the account each month to avoid a monthly service fee.

• Services Included – The Premier Current Accounts comes with overdraft facility and free annual multi-trip European travel insurance up to £60. Customers who use the bank’s switching service to move their accounts to Alliance and Leicester will also get £100 for making the switch. This is a limited time offer.

• Fees – A monthly service fee is incurred if the customer fails to deposit at least £500 a month into the account. There are no usage fees for pre-arranged overdrafts for the first year.

• Overdraft Facility – This feature is available to qualifying customers and comes with a 0% EAR and no usage fees for the first year. After the first year, a usage fee of up to £5 a month will apply. The maximum overdraft amount is £2,000.

In addition to these basic current accounts, Alliance and Leicester also offers a current account to customers over 50 and those between the ages of 16 and 20.  Both of these current accounts pay interest and offer a variety of services.

Alliance and Leicester accounts can be opened online through their websites or by visiting one of their brick and mortar branch locations. All the information listed here is subject to change; contact the bank for the most current account information possible.

There are many advantages to opening and managing your current account online, including more choices, extended banking hours and instant access to your money. This article will explore the pros and cons of online current accounts to help you decide if Internet banking is the right choice for you.

Benefits of Online Current Accounts

There are many benefits to online banking, including:

• Cost Efficiency – One of the biggest advantages to online current accounts is the cost efficiency of the process. There is no overhead for brick and mortar branches, and online banks can generally work with a smaller staff than physical locations. Many banks pass those cost savings onto their customers with better interest rates and lower fees.

• Convenience – There is no doubt that Internet banking is much more convenient than traveling to a brick and mortar branch to conduct your banking business. In addition to saving significant travel time, you don’t have to wait in long lines for your turn to see a bank employee. You don’t have to make a mad dash during your lunch hour to get the check into your account. With a simple click of the mouse, you can transfer funds, make payments and check balances.

• Extended Banking Time – When your account is managed online, you don’t have to limit your activity to standard banking hours. You can use cash machines to take out funds any time of the day or night. You can make your transfers from home at a time that is convenient for you, rather than your bank. Your bank is open 24/7, which means your information and money is always accessible to you.

• Security – With the constant evolution of online security, most Internet banking services are as safe as a brick and mortar branch. You will have to create a user name and a password that allows you access to your account. This information must be carefully guarded and your password should be changed regularly to maximize security.

Drawbacks of Online Current Accounts

While there are many advantages to online current accounts, there are a few drawbacks as well. These might include:

• Less Personal = For banking customers who prefer the “human touch,” Internet banking may be somewhat disappointing. In most cases, you will be communicating electronically with your financial institution. If you want to talk to a live person occasionally, make choose a bank that has 24-hour customer service by phone and brick and mortar branch options.

• Technical Issues – Most of us have had experiences with websites going down and being unable to access essential information when we need it. You must be prepared for the occasional technical issue when you decide to do your banking online.

Banking online is a personal preference that many Brits choose because of the time savings and convenience. Most banks offer this option today, so you can manage your current account from the comfort of home.

Consider these five features to look for in a current account that will ensure you get the best account for your needs.

Interest

Some current accounts do pay interest on the balance, which lets your money work for you while it is on deposit. However, interest-bearing current accounts often come with minimum balance requirements as well. If you can’t keep the minimum balance in the account, the charges you pay may be more than the interest you earn. If you can keep up the minimum, look for the highest interest rate possible.

Free Account

There are plenty of free current accounts available, so don’t settle for a product that charges an exorbitant amount of fees for account use. Most banks will charge for overdraft facility or additional services like international money transfers.

If your bank wants to assess a monthly or transactional fee, find out what the fee encompasses. Then shop around to see if you can find the same features and services for less.

Direct Debit

This is another standard feature with most current accounts today because it provides ample convenience for the account holder. Instead of writing a check or calling in a payment every month, the customer can simply set up a direct debit from the account. This feature automatically pays regularly occurring obligations so you don’t have to keep track of due dates and post schedules any longer.

Easy Access

In this computer age, there is no excuse for a bank or building society that doesn’t offer you 24-hour access to your money. This can be done through a 24-hour telephone service, Internet banking or a combination of the two. If you want personalized service to be available as well, look for a bank that offers brick and mortar branch locations or post offices near to your home or office.

Overdraft Facility

There is nothing that can ruin a day like charges you receive from overdrawing your account. However, it happens to nearly all of us at one time or another, whether you make an error in your record keeping or come up slightly short on funds at the end of the month.

Overdraft facility covers those expenses through a revolving line of credit that can be paid back in full at any time or in easy to manage monthly installments.

Overdraft facility is only available to those who qualify based on income level and credit rating. Look for low interest rates and charges for exceeding your overdraft limit to find the best overdraft facility possible.

There are plenty of choices in current accounts today, with many branches and building societies offering their own multitude of accounts to appeal to a range of customers. These five features are guaranteed to make your banking experience as inexpensive, convenient and pleasant as possible.