This comparison simply includes all savings accounts.
First Direct Current Account
Why we like it: Switch your current account to NatWest and you could receive £200 within 7 days of meeting eligibility criteria. Apply online or via the NatWest app using the Current Account Switch Service. Pay in £1250 & log in to the app within 60 days of switching. £200 paid within 7 days of meeting criteria. You must be 18+ and a UK Resident. You’re not eligible if you’ve received a switching payment from NatWest Group since 01/01/20. Offer T&Cs, account eligibility & app criteria apply. Offer available only once, may be withdrawn or amended.
Why we like it: Switch your current account to NatWest and you could receive £200 within 7 days of meeting eligibility criteria. Apply online or via the NatWest app using the Current Account Switch Service. Pay in £1250 & log in to the app within 60 days of switching. £200 paid within 7 days of meeting criteria. You must be 18+ and a UK Resident. You’re not eligible if you’ve received a switching payment from NatWest Group since 01/01/20. Offer T&Cs, account eligibility & app criteria apply. Offer available only once, may be withdrawn or amended. Earn up to £5/month back in rewards: £4 for 2 or more direct debits of +£2 each, and £1 with 1 mobile app log in per month. £2 monthly fee.
Why we like it: SPECIAL OFFER - Get £175 when you switch to a First Direct 1st Account*. You also get access to a 7% AER/gross fixed for 12 months Regular Saver Account if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. *For the £175 switching cash offer you need to open a 1st Account, and switch your everyday banking to us using the Current Account Switch Service within 30 Days (including at least two Direct Debits or Standing Order. You must deposit a minimum £1,000 within 30 days of opening the account and register and Log onto digital banking, within 30 days of us opening your first direct 1st Account. You must continue to hold your first direct 1st Account on the date we make the Offer payment. This offer is only available to new first direct customers, who has not previously held a first direct product, or has opened an HSBC current account on or after 1 January 2018
Why we like it: Switch your current account to Royal Bank of Scotland and you could receive £200 within 7 days of meeting eligibility criteria. Apply online or via the Royal Bank of Scotland app using the Current Account Switch Service. Pay in £1250 & log in to the app within 60 days of switching. £200 paid within 7 days of meeting criteria. You must be 18+ and a UK Resident. You’re not eligible if you’ve received a switching payment from NatWest Group since 01/01/20. Offer T&Cs, account eligibility & app criteria apply. Offer available only once, may be withdrawn or amended.
Why we like it: Switch your current account to Royal Bank of Scotland and you could receive £200 within 7 days of meeting eligibility criteria. Apply online or via the Royal Bank of Scotland app using the Current Account Switch Service. Pay in £1250 & log in to the app within 60 days of switching. £200 paid within 7 days of meeting criteria. You must be 18+ and a UK Resident. You’re not eligible if you’ve received a switching payment from NatWest Group since 01/01/20. Offer T&Cs, account eligibility & app criteria apply. Offer available only once, may be withdrawn or amended. Earn up to £5/month back in rewards: £4 for 2 or more direct debits of +£2 each, and £1 with 1 mobile app log in per month. £2 monthly fee.
Why we like it: SWITCH OFFER: £185 cash when you switch to a Santander Everyday current account. T&Cs apply. No minimum monthly funding or monthly fee to maintain the account. Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts (you must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). 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. Switch incentive available when you use Current Account Switch Service. For £185 cash you'll have to complete a full switch to a Santander Everyday current account, set up 2 active Direct Debits and pay in £1,500 within 60 days. T&Cs apply
Why we like it: Earn 1% cashback on your everyday debit card including contactless spending. Available for your first 12 months for new customers. Max £15 per month. Cashback exceptions apply. Access to a Chase saver account paying 4.1% AER (4.02% gross) variable. Interest earned daily and paid monthly. Easy access to your money with no minimum opening balance. 5% interest on a round up account- choose to round up your spending to the nearest £1 and you'll get 5% AER (4.89% gross) variable interest on your round up account, paid monthly. Zero fees from Chase when you use your Chase debit card, both at home and away. No ATM fees applied by Chase. Open extra current accounts in seconds, for free. Use them to spend from, pay bills with Direct Debits, budget, and set aside money in the way that works best for you. Must be 18+, be a UK resident and have a smart phone and UK mobile number. No account opening fees and no monthly fee. No minimum monthly funding. In-app card control - you decide how and where your card works. You can stop it from making contactless or gambling payments, from working abroad, or from making cash withdrawals. Numberless card - your card details are stored in the app, so no one can see them but you. 24/7 customer support- either over the phone or by in app messaging
Why we like it: SWITCH OFFER: £185 cash when you switch to a Santander Edge current account. T&Cs apply. Earn 1% cashback every month on selected household bills paid by Direct Debit, capped at up to £10 each month and 1% cashback every month on supermarket and travel spend when you use your debit card, capped at £10 each month. Access to Santander Edge Saver with 7.00% AER / 6.78% gross (variable) interest up to £4,000 with 2.50% AER / 2.47% gross (variable) bonus rate for the 12 months from opening. Get cashback, vouchers, prize draws and other personalised offers when you use Santander Boosts (must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). No fees or charges for international payments or CHAPS payments. Arranged overdraft interest rate of 39.94% APR/EAR (variable). For cashback offer you must pay a minimum of £500 into your account each month, have 2 active Direct Debits, be over 18 and live in the UK permanently. Paper-free account. £3 monthly fee. Switch incentive available when you use Current Account Switch Service. For £185 cash you'll have to complete a full switch to a Santander Edge current account, set up 2 active Direct Debits and pay in £1,500 within 60 days. T&Cs apply
Why we like it: SWITCH OFFER: £185 cash when you switch to a Santander Edge Up current account. T&Cs apply. 3.50% AER/3.45% gross (variable) on balances up to £25,000. 1% cashback (up to £15 a month) on selected household bills when you pay by Direct Debit. 1% cashback (up to £15 a month) at supermarkets and on travel costs when you use your debit card (exclusions apply). Make international payments with no extra fees (the bank receiving the payment may still apply charges). There's also no charge for making CHAPS payments from this account. No fees for using Santander Edge Up debit card to withdraw cash and make payments outside the UK in the local currency. Get cashback, vouchers, prize draws and personalised offers with Santander Boosts , free rewards service. Online and Mobile Banking available with text and email alerts. Must be 18 or older and live in the UK permanently. £5 monthly fee for maintaining the account that will automatically be taken from the account each month. Must pay a minimum of £1,500 into the account each month. Must have 2 active Direct Debits. Arranged overdraft facility (subject to status). If you use an arranged overdraft you’ll be charged an interest rate of 39.94% APR / EAR (variable). Online and Mobile Banking available with text and email alerts. Switch incentive available when you use Current Account Switch Service. For £185 cash you'll have to complete a full switch to a Santander Edge Up current account, set up 2 active Direct Debits and pay in £1,500 within 60 days. T&Cs apply
Why we like it: Can be opened by or on behalf of any child up to the age of 17. Debit or cash card available for those aged between 13 and 17. 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 17 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
Why we like it: A free 4-year Santander 16-25 Railcard worth £100 plus a total average saving of £636 (average saving of £159 per year). An interest-free and fee-free Arranged Overdraft, up to £1,500 in years 1-3, then up to £2,000 if you stay on to year 5. Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts (you must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). No monthly account fee. Must be over 18 and live in the UK permanently Must be studying or are about to begin an undergraduate course that is at least 2 years in length, or level 4 to 7 apprenticeship. If you’re about to begin your course, you must have an ‘unconditional’ or ‘confirmed conditional’ offer (i.e. you have your exam results) before you apply. You must pay in at least £500 every 4 months and must not already have an existing Santander current account. If you do, you’ll need to transfer it
Why we like it: SPCIAL OFFER: 3 months of free Revolut Premium trial. T&C's Apply. Digital Current Account. Open a current account in minutes direct from your phone and receive bank card. Set budgets, get instant spending notifications, and see weekly insights to keep your spending on track. Earn rewards on travel, retail, restaurants and more. Spend abroad in over 150 currencies at the Real (interbank) exchange rates with no hidden fees. Transfer money abroad in 30+ currencies with the interbank exchange rate, with a small 0.5% fee for anything above £1,000 each month. Get paid up to 0.40% AER interest on your GBP funds. Free ATM withdrawals up to £200 per month, or up to 5 withdrawals. No minimum amounts. Deposit and withdraw your money whenever you want. If you lose or misplace your card, freeze it within the app and have a new one sent out to you. If you find it again, just unfreeze your card from the app. Take control over your account and turn off things like contactless, swipe payments, online payments and ATM withdrawals all from within the app. Turn on location-based security and if your card is used in a different location from where you are, you will be notified and any payments will be blocked. A standard account with Revolut is free. You must be 18 and over to open a Revolut account
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.
Access to a Regular Saver paying 1.00% AER/gross fixed for the first 12 months.
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 First Direct 1st current 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?
- 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
- 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
- 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
- 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
- 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.