All Current Accounts
NatWest Select Account
2% Rewards on household bills paid by Direct Debit. At least 1% Rewards at NatWest Partner retailers and in personalised offers
This account could be right for you if you’re looking for an account with no monthly fee, 3 months interest-free arranged overdraft and use of a full range of methods for managing your money. 3 months interest-free overdraft. No overdraft interest for the first 3 months on arranged overdrafts. No monthly account fee. That's right, no monthly fee just for keeping your account with Nationwide!
TSB Classic Account
24 hour money - take control of your bank account round the clock through Internet Banking, Telephone Banking and TSB's Mobile Banking app, as well as over 550 branches in the UK. And thanks to your Visa debit card, you can access cash machines worldwide, too. See what you spend - when you’re signed-up to Internet Banking, keep track of your money across your TSB personal current and credit card accounts with Money Planner. It’s a free online tool that gives you a unique view of your spending.
Santander Everyday Current Account
24/7 access to your account using Online, Mobile and Telephone Banking. Access nationwide via their branch network. Free text and email alerts about your account. Visa debit card for making purchases and accessing your money at cash machines. Remember, if you switch your current account to Santander, they move it across in 7 working days, so you can start making the most of your account.
Barclays Bank Account
Apply for an overdraft of up to £5,000 (subject to status) It's safe and simple – Barclays guarantee to move all your payments within 7 working days. Award winning online and mobile banking – add features like travel insurance, mobile phone cover and more. Create your own debit card that’s a little more you.
How do I choose the right current account?
Selecting the right current account can be difficult when there are so many options to choose from. To decide which account is best for you, it’s important to think about how you plan on managing your money.
Firstly, you should consider how likely it is that you will need an overdraft facility. If you’re often in the red, you need to pay attention to overdraft rates. The balance in your account is also a factor to consider to get an idea of how much interest you are likely to earn throughout the year. Some current accounts will provide higher interest rates than savings accounts, but they tend to impose limits on the balance they’ll pay interest on.
Some current accounts offer extra financial products bundled with them, such as a saving account, travel insurance or breakdown cover. These are known as ‘packaged accounts’ and can potentially save you money and time. Though it is worth calculating whether it would be cheaper to purchase these extras separately to get a better deal.
Many current accounts offer a switching incentive when you move to them. However, this shouldn’t be the primary reason for moving. You should, instead, look at the overall benefits and decide whether the account in question is going to meet your individual needs.
FAQs about current accounts
Why should I change current account?
There are many reasons why you might want to change your current account. For example, you might want to benefit from a higher rate of interest or a better overdraft facility. Some current accounts offer extra incentives which may help you manage your money better.
Is it easy to open a new current account?
Yes, it’s very simple to set up a new current account. You’ll need to complete an application form and provide proof of identity as well as proof of your address. Most of this can be completed in person, over the phone or online.
How do I switch to a different current account?
To switch your current account you’ll need to tell your bank that you want to move to a different provider. You will have to complete some basic paperwork and provide ID. Your new bank will want to know which standing orders and direct debits you want to transfer over.
Can I have more than one current account?
Yes, you can have as many basic current accounts as you want. Some people use them for different purposes. For example, one where your wages are paid in or one for household bills to come out of.
Can I open a current account if I have a low credit score?
If you have a low credit score you can apply for a basic current account but, it would be unlikely you’d be allowed one with an overdraft facility.
Do I need an overdraft?
Overdrafts should only really be used in an emergency or as a short-term option. If you are good at managing your money, you shouldn’t need an overdraft facility.
How do overdrafts work?
There are two types of overdraft to be aware of, authorised and unauthorised. An authorised overdraft is when you have agreed a deficit with your bank. You'll be charged interest for using it. The other type of overdraft is an unauthorised overdraft when you exceed your authorised overdraft limit. Not only will you be charged interest you’ll also have to pay penalty fees.
What will happen to my money if the bank goes bust?
In the UK, banks, building societies and credit unions are protected under the Financial Services Compensations Scheme (FSCS). This offers compensation if an institution goes bust.