This comparison simply includes all savings accounts.
Best Current Account To Switch To
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
Why we like it: Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Compare the best current accounts to switch to
Many customers stick with the same current account for years, never really giving much thought to whether they are getting a good deal or not. In reality, the features and benefits of current accounts, including the interest rates they pay on your balance vary significantly between providers.
If you have not compared current accounts recently, there is a good chance that you are not getting the best deal currently available and it is well worth looking around to see what different providers have to offer you.
What to look for in a current account
There are various features to look out for when deciding which is the best current account to switch to. Depending on your financial situation and personal circumstances, the importance of these factors will likely differ, as will which current account is best for you.
If you are likely to stay in credit, the interest rate you earn can make a big difference. Likewise, if you are in your overdraft a lot, the interest you are charged can soon add up.
Many banks and building societies offer cash rewards for switching your current account to them, as well as other introductory offers which may appeal.
Many current accounts require you to pay in a minimum amount to open the account and a minimum amount each month to keep it.
While current accounts don’t tend to have a maximum deposit as such, they do normally only pay interest up to a certain balance. If you are likely to be significantly in credit, make sure you choose an account with a high interest threshold or explore other options for your savings.
Many current accounts are free, but some charge a monthly account fee. These tend to offer extra features, but make sure you know what you are getting for your money so you can decide whether it is worth it.
Many current accounts offer cashback when you use the account to pay household bills. This can soon add up and is well worth looking into if you are a regular bill payer.
If you need an overdraft, make sure to check what the limit is and what costs there are associated with it e.g. interest rates, fees for going over your limit etc.
Many current accounts offer additional benefits, such as free anti-virus software, railcards and more. These can add up to significant savings if those benefits are useful to you.
Current account best buys
First Direct Current Account allows you to open an account with just £1 and give you a free £250 overdraft and £100 for switching.
TSB Classic Plus pays one of the best rates of interest at 3% AER on balances up to £1,500. This is a better rate than many savings accounts. You can also get up to £10 cashback every month.
Santander 123 Account pays an attractive 1.5% AER on your entire balance up to £20,000. This is a much higher limit than many current accounts, so a good option for those with significant savings.
Find the best current account to switch to
Knowing which current account offers you the best deal can be a challenge and most customers don’t want to spend hours researching all of the different options before making a decision.
Our current account comparison tool (see the top of the page) makes life much simpler. It shows you the best deals on current accounts available now from all the leading lenders, making it quick and easy to compare the different accounts and see which offers the best deal for you.