This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

This comparison simply includes all savings accounts.

Yorkshire Bank
Signature Current Account Yorkshire Bank
Open With £1
Account Type Current Account
Features Shopping discounts plus insurance cover

Why we like it: Discounts available when you shop at certain major high street stores and supermarkets, as well as some holidays, cinema, concert tickets and events. All year round family travel insurance, UK breakdown cover, mobile phone and gadget insurance

Clydesdale Bank
Signature Current Account Clydesdale Bank
Open With £1
Account Type Current Account
Features Shopping discounts plus insurance cover

Why we like it: All year round travel insurance , UK breakdown cover, mobile phone and gadget insurance, and certain discounts available to account holders for some major stores and supermarkets, cinema tickets, holidays, events and concerts.

B
Current and Savings Account B
Open With £1
Account Type Current Account
Interest AER 0.5%

Why we like it: INNOVATIVE NEW BANKING SERVICE powered by Clydesdale and Yorkshire Banks. Get your current account and instant access savings account working together. Earn 0.50% AER on ALL instant access credit balances and 0.25% AER on current account balances up to £2,000. Fee free

Santander
123 Current Account Santander
Open With £1000
Account Type Current Account
Interest AER 1.50%

Why we like it: BEST SELLING CASHBACK CURRENT ACCOUNT. Earn 3.00% AER (variable) interest on balances from £3,000 up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.

First Direct
Current Account First Direct
Open With £1
Account Type Current Account
Features FREE £250 Overdraft £100 For Switching

Why we like it: £100 for switching into account. £250 interest free overdraft. Free banking if paying over £1,000 per month. £100 if not satisfied after 6 months

NatWest
Reward Account Natwest
Open With £1
Account Type Current Account
Features 3% in Rewards

Why we like it: Top 20% of Reward Customers earn on average £217 - You can earn Rewards on Direct Debits from your current account for: • Council tax • Gas, electricity and water supply • Home and mobile phone, TV package and broadband fees

Disclaimer: To apply for this account you must be aged 18 or over. UK resident. Not been declared bankrupt in last 6 years.

Barclays
Bank Account Barclays
Open With £1
Account Type Current Account
Features Earn rewards of up to £180

Why we like it: Earn rewards of up to £180 a year when you bank with Barclays - Get an annual loyalty reward of £84 plus £60 on your Barclays residential mortgage and £36 on your Barclays home and contents insurance. Start earning rewards with a monthly £3 fee based on £800 paid into your account and 2 direct debits paid out every month

First Direct 1st Current Account

If you like to have your overdraft as a safety net then the First Direct 1st current account is a great choice with its £250 0% overdraft

As a bonus incentive, when you switch, you can earn £100 which can easily be put towards your overdraft to help you pay it off. If you pay in at least £1,000 within three months of your account opening they will add £100 to your account.

Additionally, if you go more than £250 into your overdraft, you pay interest of 15.9% EAR, making it one of the lower-cost overdrafts on offer.

While the benefits of the 1st account are attractive, it won’t be suitable for everyone because it requires paying in £1,000 every month. Failure to do so could result in you having to pay a fee of £10 per month.

First Direct offers, as standard:

  • Beautifully designed Internet Banking service
  • Award-winning customer service from real people answering your calls, 24 hours a day, 7 days a week
  • Mobile banking on the go with their app for iPhone, Android and iPad


It is important to note, however, that you don’t receive interest payments on your balance which is not ideal for those people who are keeping large sums of money in this account and would like to see some kind of growth.

A separate savings account could counteract this issue but still allow you to enjoy the other benefits, such as the low-cost overdraft.

Why use an overdraft?

  1. An agreed overdraft can be a useful tool if you want to borrow money over the short-term, or in an emergency allowing you to borrow money through your bank's current account up to a certain limit

  2. An 'authorised overdraft' is the set limit agreed with your bank. However, you will be charged for using this, and what rate you pay depends on your bank and the type of account you have

  3. You risk high charges if you slip over the agreed limit and if you continually max out your overdraft you may also find it hard to get credit elsewhere

  4. Remember that your overdraft isn't guaranteed to stay in place, as this facility could be taken away by your bank

Useful Information to Know

  • You need to pay in £1,000+ each calendar month, or maintain an average monthly balance of £1,000 to keep the account free, otherwise there will be a ten pound fee

  • If you qualify, the £100 will arrive within 28 days of your switch completing

  • You can't get the switching bonus if you have ever held an account with First Direct before

  • First Direct shares its £75,000 UK savings safety guarantee with HSBC, so ensure you don't hold more than £75,000 across the two banks

Finally, the account comes with a satisfaction guarantee.

If you don’t love their service within 12 months of opening your account, they will give you £100 providing you have met their initial criteria. You will get the money within 28 days of the criteria being met.

Generally, people seem very happy with the customer service that First Direct provide. This is likely due to their 24 hour/day calls and seamless internet banking program.

For more information click here - First Direct Current Account >>

Latest news

Are you getting 10% on your savings?

In these low interest times getting a decent rate of return on your cash is not easy. Surprisingly some of the best interest rates are available via current accounts.

Newsletter signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

Let's get social now! Twitter Facebook

About us

Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.