Top Current Accounts UK Compare and Switch Bank Accounts
Top Current Accounts UK Compare and Switch Bank Accounts Current Accounts
Rate 24.99% - 39.90% Minimum Monthly Credit None See Deal + More info Product Features Free app-based UK current account and Euro IBAN account Send and receive money in 30+ currencies with no hidden fees From restaurant tabs to rent, split bills with anyone, even if they’re not on Revolut Eligibility / Restrictions Must be 18 years or older No cash or cheque facilities on this account Offer Sign up and get a free £10 top-up Make your first card payment to receive £10 credited to your account and 1 month of Revolut Premium for free. Offer available until December 31st 2022. Representative Example: 0% interest up to £50. If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 35% EAR (variable). Representative APR 35% (variable)
Rate 19.9% Minimum Monthly Credit None See Deal + More info Product Features 2.02% AER/2.00% Gross (variable) interest on balances up to £1,000 Linked saver paying 2.02% AER/2.00% Gross interest on balances up to £25,000 and 1.51% AER/1.50% Gross on balances over £25,000. Rates are variable. Fee free worldwide spending on your card or withdrawing cash when you're abroad Cashback and exclusive rewards available via app Eligibility / Restrictions Must be over 18 Must be a UK resident Representative Example: If you use an arranged overdraft for £1,200 you will be charged 19.9% AER Representative/EAR variable. Subject to financial status.
Rate 15.0% Minimum Monthly Credit None See Deal + More info Product Features Speedy set up in minutes. No paperwork, monthly fees or branch visits 24/7 support via phone, email or in-app chat Save smarter with Goals, the digital change jar to put money away for the stuff you need Eligibility / Restrictions Must be a UK resident Cash deposit facilities via Post Office branches Cheque deposit facilities via app or post Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 15 % EAR (variable). Representative APR 15% (variable).
Rate 0% Minimum Monthly Credit None See Deal + More info Product Features Access to a 3.5% AER/gross fixed for 12 months Regular Saver Account £250 interest-free overdraft (subject to status) 24/7, 365 banking - Online, Phone and on Mobile Eligibility / Restrictions Must be a UK resident aged 18+ with a phone number and email address No bankruptcy or IVAs in the last 6 years Pay in cash and cheques at HSBC branches and the Post Office Offer Get £175 when you switch to First Direct* or £20 for opening an account** *To qualify, switch using the Current Account Switch Service and deposit £1,000 within 3 months of account opening. This offer applies to new customers only that have not opened a HSBC account on or after 1 Jan 2019. **Available to new customers who open a 1st Account and log into app/online banking within 3 months. This offer is limited to one payment only. This offer can’t be added to any other joiner or switcher offer. Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 30.5% (variable). 0% EAR variable on the first £250.
Rate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £60 annually, on-going £5 Cashback every month, with 30 debit card payments per calendar month* Zero TSB card charges abroad. ATM operators/foreign banks may charge & sellers may apply a currency conversion fee on purchases Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Eligibility / Restrictions *Eligible for Cashback, if you open a new Spend & Save Plus account, including changing from an existing TSB account (Direct Debits and withdrawals not included) Up to £100 interest-free arranged overdraft available subject to status UK residents, 18+ only Representative Example: If you use an arranged overdraft of £1,200, you’ll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 40.1% (variable).
Rate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £30 cashback: £5 per month for 6 months, with 30 debit card payments per calendar month* Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Access to a Monthly Saver paying 3.00% Gross/AER fixed for a year. Save £25 to £250 per month by standing order from your TSB current account. Interest is paid on maturity. Eligibility / Restrictions *Eligible for Cashback if you open a new Spend & Save account, including changing from an existing TSB current account, other than from a Classic. Direct debits and withdrawals not included. UK residents only, 18+ Assumed arranged overdraft of £1200: 39.9% APR representative variable. Subject to application, approval & repayable on demand Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 39.9% (variable).
Rate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Free and instant Monese-to-Monese payments No credit check when opening an account Eligibility / Restrictions £1.50 UK ATM withdrawals; Overseas transaction fee - 2.5% fee (additional 1% fee on weekends) Cash deposit facilities via Post Office and PayPoint (3.5% fee) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Rate 39.94% Minimum Monthly Credit £500 See Deal + More info Product Features Earn up to 3% cashback every month on selected Household bills paid by Direct Debit, capped at £5 for each cashback tier each month Manage your account online or via mobile app Get access to a range of 123 offers Eligibility / Restrictions To be eligible for cashback you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanently There is a £2 monthly fee for maintaining the account that will automatically be taken from your account each month Log onto Online or Mobile Banking at least once every 3 months. You accept that this is a paper-free account, so documents, statements and some letters will be sent to your secure inbox in Online Banking Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.94% EAR (variable). Representative APR 39.94% (variable). Please note: Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. You can use the options above the table to order it according to various criteria.
Compare Current Accounts
Compare the latest current accounts available from the major high street banks and internet providers with our handy comparison table Compare up-to-date information on account features and benefits to find the best current account for your needs PromotionSign up to Revolut and get a £10 top-up*
Free app-based UK current account and Euro IBAN account Send and receive money in 30+ currencies with no hidden fees From restaurant tabs to rent, split bills with anyone, even if they’re not on Revolut Find out more *Make your first virtual or physical payment with a Revolut card and £10 will be credited to your Revolut account. Show more If you’re interested in opening a new current account, or switching your existing one, there are plenty of options for you to explore on the UK high street and online. Current accounts from the high street banks remain popular, and offerings from online-only banks are also becoming more widespread. If you opt for an online-only bank account, you’ll almost certainly manage it through an app. This app may offer extra insight into your spending habits and behaviours that can help you with saving, budgeting and maybe even paying off debt. The best UK current account for you will be one that offers everything you need to make your banking life easier. Have a think about what you’d ideally like your current account to provide. Do you want access to an arranged overdraft? How about mobile phone or laptop insurance, budgeting tools, or maybe even the ability to earn cashback on your spending? Some current account providers charge a small monthly fee in return for more specialised options, and this may appeal to you. But on the other hand, you may want a simpler service that doesn’t cost you to use it. In the face of all these current account choices, you can save yourself time by using NerdWallet’s comparison table. Dive into what’s out there, familiarise yourself with UK current account providers and what they offer, and you’ll be sure to make a good decision.What brings you here today
I’m ready to compare If you know what you want, we can help you compare products from some of the UK’s top providers. Compare now I’m here to learn Want to find out more? Check out our handy guide for more information and to learn about your options. Learn more Ready to compare? Compare current account options Compare now Information written by Hannah Harper Last updated on 19 April 2022.What is a current account
A current account is a bank account for day-to-day transactions, a place for receiving and paying money out. It may also be known as a personal bank account or a standard account. The way it works is simple – just choose your provider and open your account. You’ll receive a debit card you can use to withdraw your cash. Any incoming payments – salary, wage, or benefits – will likely be paid into your current account, and you can set up regular outgoing payments, such as standing orders or direct debits, too.How do I choose the best current account
To choose the best current account for you, it can be helpful to use a comparison table like NerdWallet’s. At a glance, you’ll be able to see the features and benefits that come with each different account. You’ll be able to tell from the table whether the provider charges a monthly fee, what the arranged overdraft limit and any interest rate is, and if there’s a minimum amount you have to commit to paying in each month.Can I have more than one current account
Yes, you can – there’s no limit to the number of current accounts a person can open and run.How can I switch my current account
The easiest thing to do is to use the Current Account Switch Service. This is free and takes care of everything for you – including switching over your direct debits and other active outgoing payments. You can switch your current account yourself by contacting your old bank to close your account after opening a new one. However, this can be fiddly, and you’ll have to remember to transfer all your existing outgoing payments manually. Some banks will offer potential customers money or similar incentives to switch to their current account, so make sure you research what’s out there as there are good deals to be had.How do I open a current account
To open a current bank account, first identify the best one for you. Then get in touch with the bank that provides it. They’ll check your credit history, as well as asking you for proof of identity and address. Documents such as a driving licence, passport, birth certificate, council tax or other utility bill, can cover this, but make sure you check what the bank specifically requires. Many banks now offer online banking, where you can manage your account online – you can view statements, make payments, and check your balance, among other things.Benefits of a current bank account
As well as the standard features you would expect from a current account – such as the ability to make and receive payments, to withdraw cash with a debit card, and to arrange an overdraft – some current bank accounts may also come with added benefits, such as: Budgeting tools Cashback and rewards Balance and overdraft alertsHigh street or challenger bank
High street banks are still the preferred option for most current account holders, but challenger banks and online-only current account providers are fast becoming popular with people looking to switch their current account or open a new one. Online-only account providers often offer more insight into your finances through apps and other tech-based tools. They sometimes pay favourable interest rates, and people with poor credit ratings may find them easier to get approval for. Setting up an online account can also be quicker and easier than setting up a traditional bank account. However, some online-only current accounts may not have all the same features and services as a high street bank account. High street banks still provide in-person banking services at a branch, although even traditional banks are increasingly offering online banking and app-based mobile banking to customers.What are the different types of bank accounts
There are many different types of bank accounts available, catering to the needs of many different customers. Personal account: A personal account is just another name for a standard current account, from which you can carry out all your daily financial activities. Basic account: Basic accounts only give you the ability to pay money in and make payments from your account, with no overdraft or other enhanced features although it may be possible to add these once you have had the account for a while. They can help people with poor or bad credit to repair their credit score. High interest account: A high interest current account pays a higher rate of interest on your balance than is usual for current accounts. » COMPARE: High interest current accounts Packaged account: A packaged account comes with lots of added extras for which you pay a monthly fee. » COMPARE: Packaged current accounts Joint account: Joint accounts are set up between two or more people. Each person is legally responsible for the money in the account, and can make deposits and withdrawals as they wish. Student account: Student bank accounts are made for people in further and higher education. They come with an interest-free overdraft facility and may also offer rewards such as free travelcards or subscriptions. Child account: Children can open their own bank account from the age of 11. They won’t get an overdraft, but even simple actions like paying money in and out can teach children good financial habits. Cashback account: With a cashback account you can earn money as you spend. You’ll get a small percentage back from your purchases, and possibly from monthly bill payments too, depending on your provider. Business account: A business account is an account solely used for business transactions. It’s handy for tax returns, as it keeps business and personal transactions separate, and may come with useful tools, too. » COMPARE: Business bank accounts Bad credit account: A bad credit bank account is also known as a prepaid bank account. Prepaid bank accounts only let you spend money you’ve already paid in. » COMPARE: Bad credit current accountsCurrent Account FAQs
Are current accounts free? This depends on the terms and conditions of the account. Usually, as long as you have money in your current account and you use it regularly for your wage or salary, you won’t have to pay. However, some current accounts come with extra features or benefits, and there may be a monthly fee for these. Does a current account switch close my old account? Yes, if you use the Current Account Switch Service. This is a free service that takes care of transferring all your payments and your balance to your new account, while your old bank will close your old account. You can also close your old account manually if you prefer, just by getting in touch with your bank. How much cash can I deposit in my current account? It’s hard to say for sure how much cash you can deposit in your current account in any one transaction, as each bank may have a different limit but these should be outlined in your T&C’s. However you should note that for out of the ordinary deposits or large transactions above the region of £5,000 .The bank may have to ask you some questions to check where the money came from. This may be uncomfortable for you, especially if you’re a long-term customer, but it’s not personal. It’s a legal requirement, due to tighter money laundering laws that were introduced in 2017 and 2020. Can I transfer from my credit card to my current account? This depends on what type of credit card you have. Transferring money from your credit card to your current account is possible if you hold a money transfer credit card, which was created for this very purpose. Otherwise, you could withdraw cash from an ATM using your credit card, and then pay it into your bank account – but be aware that this can be very expensive, and you could be clocking up interest and other charges from the moment you take out the money. Can I add someone to my current account? Many UK banks allow a second authorised user (also known as an additional cardholder or a secondary signer) to be added to an existing current account, so check with yours to find out if this is possible, and if so, how to go about it. If the person you want to add to your current account doesn’t already bank with your provider, you may have to set up an in-person meeting and provide valid ID documentation to get your bank’s approval. How do I close my current account? It’s easy to close your existing current bank account, and there are a couple of ways to do it. If you plan to switch to a new current account using the Current Account Switch Service, you can simply leave it up to them to also close your old current account. If you’re not using the Current Account Switch Service, just get in touch with your bank and explain you want to close your account – they’ll be able to take care of it for you. Keep in mind that if you owe any money to them, for example through an overdraft, or other fees, you’ll have to pay it all back before you can close your account. And make a note to transfer any regular outgoing payments from the account you’re closing, to another account. Are current accounts taxed? They can be – but only if you have earned a significant amount in interest on the money in your current account. In general this is up to £1,000 for basic-rate taxpayers, and up to £500 for higher-rate taxpayers. You may also be able to earn more interest tax free if you have a low income from all other sources. You should always check the latest tax allowances and consult with a qualified tax professional if unsure. However, as current accounts don’t generally earn much interest compared to savings accounts, it’s unlikely you will be taxed much, if at all, on the contents of your current account. Are current account funds protected? Yes, up to a certain amount. Your current account funds will fall under the protection of the Financial Services Compensation Scheme (FSCS) if the bank you hold funds with fails. This compensation is limited up to a total of £85,000 per person, per institution (or banking group). There may also be higher limits of compensation for joint accounts. About the author: Hannah has been writing about money since 2013. Formerly a copywriter for Virgin Money, covering credit cards, mortgages, pensions, and more, she now writes on personal finance for NerdWallet UK. Read moreCompare Current Accounts
What type of current account are you looking for? Basic High Interest Overdrafts Packaged Bad Credit 8 products foundRevolut Current Account - Standard Plan
Monthly Fee Free Interest Rate 0.15% Arranged OverdraftRate 24.99% - 39.90% Minimum Monthly Credit None See Deal + More info Product Features Free app-based UK current account and Euro IBAN account Send and receive money in 30+ currencies with no hidden fees From restaurant tabs to rent, split bills with anyone, even if they’re not on Revolut Eligibility / Restrictions Must be 18 years or older No cash or cheque facilities on this account Offer Sign up and get a free £10 top-up Make your first card payment to receive £10 credited to your account and 1 month of Revolut Premium for free. Offer available until December 31st 2022. Representative Example: 0% interest up to £50. If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 35% EAR (variable). Representative APR 35% (variable)
Virgin Money M Plus Account
Monthly Fee Free Interest Rate 2.02% Arranged OverdraftRate 19.9% Minimum Monthly Credit None See Deal + More info Product Features 2.02% AER/2.00% Gross (variable) interest on balances up to £1,000 Linked saver paying 2.02% AER/2.00% Gross interest on balances up to £25,000 and 1.51% AER/1.50% Gross on balances over £25,000. Rates are variable. Fee free worldwide spending on your card or withdrawing cash when you're abroad Cashback and exclusive rewards available via app Eligibility / Restrictions Must be over 18 Must be a UK resident Representative Example: If you use an arranged overdraft for £1,200 you will be charged 19.9% AER Representative/EAR variable. Subject to financial status.
Starling Bank Personal Current Account
Monthly Fee Free Interest Rate 0.05% Arranged OverdraftRate 15.0% Minimum Monthly Credit None See Deal + More info Product Features Speedy set up in minutes. No paperwork, monthly fees or branch visits 24/7 support via phone, email or in-app chat Save smarter with Goals, the digital change jar to put money away for the stuff you need Eligibility / Restrictions Must be a UK resident Cash deposit facilities via Post Office branches Cheque deposit facilities via app or post Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 15 % EAR (variable). Representative APR 15% (variable).
First Direct 1st Account
Monthly Fee Free Interest Rate 0% Arranged OverdraftRate 0% Minimum Monthly Credit None See Deal + More info Product Features Access to a 3.5% AER/gross fixed for 12 months Regular Saver Account £250 interest-free overdraft (subject to status) 24/7, 365 banking - Online, Phone and on Mobile Eligibility / Restrictions Must be a UK resident aged 18+ with a phone number and email address No bankruptcy or IVAs in the last 6 years Pay in cash and cheques at HSBC branches and the Post Office Offer Get £175 when you switch to First Direct* or £20 for opening an account** *To qualify, switch using the Current Account Switch Service and deposit £1,000 within 3 months of account opening. This offer applies to new customers only that have not opened a HSBC account on or after 1 Jan 2019. **Available to new customers who open a 1st Account and log into app/online banking within 3 months. This offer is limited to one payment only. This offer can’t be added to any other joiner or switcher offer. Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 30.5% (variable). 0% EAR variable on the first £250.
TSB Spend & Save Plus Account
Monthly Fee £3 Interest Rate 0% Arranged OverdraftRate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £60 annually, on-going £5 Cashback every month, with 30 debit card payments per calendar month* Zero TSB card charges abroad. ATM operators/foreign banks may charge & sellers may apply a currency conversion fee on purchases Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Eligibility / Restrictions *Eligible for Cashback, if you open a new Spend & Save Plus account, including changing from an existing TSB account (Direct Debits and withdrawals not included) Up to £100 interest-free arranged overdraft available subject to status UK residents, 18+ only Representative Example: If you use an arranged overdraft of £1,200, you’ll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 40.1% (variable).
TSB Spend & Save Account
Monthly Fee Free Interest Rate 0% Arranged OverdraftRate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £30 cashback: £5 per month for 6 months, with 30 debit card payments per calendar month* Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Access to a Monthly Saver paying 3.00% Gross/AER fixed for a year. Save £25 to £250 per month by standing order from your TSB current account. Interest is paid on maturity. Eligibility / Restrictions *Eligible for Cashback if you open a new Spend & Save account, including changing from an existing TSB current account, other than from a Classic. Direct debits and withdrawals not included. UK residents only, 18+ Assumed arranged overdraft of £1200: 39.9% APR representative variable. Subject to application, approval & repayable on demand Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 39.9% (variable).
Monese Starter Account
Monthly Fee Free Interest Rate 0% Arranged OverdraftRate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Free and instant Monese-to-Monese payments No credit check when opening an account Eligibility / Restrictions £1.50 UK ATM withdrawals; Overseas transaction fee - 2.5% fee (additional 1% fee on weekends) Cash deposit facilities via Post Office and PayPoint (3.5% fee) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Santander 123 Lite Current Account
Monthly Fee £2 Interest Rate 0% Arranged OverdraftRate 39.94% Minimum Monthly Credit £500 See Deal + More info Product Features Earn up to 3% cashback every month on selected Household bills paid by Direct Debit, capped at £5 for each cashback tier each month Manage your account online or via mobile app Get access to a range of 123 offers Eligibility / Restrictions To be eligible for cashback you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanently There is a £2 monthly fee for maintaining the account that will automatically be taken from your account each month Log onto Online or Mobile Banking at least once every 3 months. You accept that this is a paper-free account, so documents, statements and some letters will be sent to your secure inbox in Online Banking Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.94% EAR (variable). Representative APR 39.94% (variable). Please note: Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. You can use the options above the table to order it according to various criteria.