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Current Bank Accounts


28th December 2017

A current account is a bank account that permits you to access a variety of banking services, such as getting money (like your salary, pension or benefits payments), paying bills, and setting up direct debits and standing orders to make regular payments.

A current account will characteristically give you a cash card and a debit card (which will probably be combined), a cheque book and guarantee card, and may allow you to have an overdraft.

Particular current accounts propose a high interest rate, but it’s usually only allocated on the first few thousand pounds in the account and will need a specific amount of money to be paid in per month.

Most accounts can be opened in various ways, such as in branch, via internet, by post and by telephone. Other accounts can also be accessed at the Post Office and many can now be functioned via smartphone app.

A current account suits anybody who needs or wishes full access to the banking system. People with either no credit rating, or who have had credit problems, may not be approved a current account but should be able to get a basic bank account.

If you don't think you'll ever go overdrawn, then the interest rate on the credit balance may be the most significant factor in deciding which account is best; nevertheless, if you are likely to, then go for an account with a low overdraft interest rate.

Top 5 Current Bank Accounts:

Bank Cashback Account Fees/Requirements Arranged Overdraft Interest Rate
TSB £10* No monthly fee, pay in £500+ per month £25 interest free with a £10 buffer then £6 per month & 19.84% EAR variable 3% AER (on up to £1,500)
Barclays £7* N/A £15 buffer, following that up to £3 per day 0% AER
NatWest None N/A £10 buffer, following that £6 per month & 19.89% EAR variable 0% AER
Santander 1% water/council tax
2% gas/electricity bills
3% mobile/home/TV bills
N/A £12 buffer, following that £3 per day 0% AER
First Direct £25* No monthly fee, pay in £1,000+ per month £250 interest rate free with a £10 buffer, following that 15.9% EAR variable 0% AER
 
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