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This comparison simply includes all savings accounts.

Santander
Everyday Current Account Santander
Open With £1
Account Type Current Account
Features Fee FREE Account Earn up to 15% cashback

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

Nationwide
FlexAccount Current Account Nationwide
Open With £1
Account Type Current Account
Features Fee FREE Account

Why we like it: Everyday current accout. No monthly account fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Starling Bank
Mobile App Bank Account Starling Bank
Open With £0
Account Type Mobile Bank Account
Features Fee FREE Account Pays 0.05% AER

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

Santander
123 Current Account Santander
Open With £500
Account Type Childrens Current Account
Features 0.30% AER Interest Up To £20,000 £5 pm Account Fee

Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. 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

Nationwide
FlexDirect Current Account Nationwide
Open With £1000
Account Type Current Account
Features 2% AER Interest (T&Cs)* Fee Free Account

Why we like it: *2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Nationwide
FlexPlus Current Account Nationwide
Open With £1
Account Type Current Account
Features Free insurance £13 pm Account Fee

Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Santander
123 Mini Current Account Santander
Open With £0
Account Type Childrens Current Account
Features Children 18 or under 3% AER Interest (T&Cs)

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

Marks and Spencer Current Account Switch Rewards

Currently offering some of the best Switch Rewards on the market, the M and S current account is an attractive option. Particularly if you usually shop at Marks and Spencer.  The two incentives are:

  1. A £100 Marks and Spencer gift card when you switch to their service.
  2. A further £10 every month for 12 months as long as you meet their requirements.
  3. You will have access to a monthly savers account which helps you to save at 5pc AER/gross fixed rate for 12 months.

This totals at a potential £220 free. To obtain the reward your switch must include two active Direct Debits; this will successfully earn you the £100. Following that, you should pay a minimum of £1000 in to your new current account and two Direct Debits must remain active. If you meet the requirements for that month then you will receive £10. However, if you don’t make the minimum monthly pay-in then you are not charged any extra. You simply lose this reward.

Why switch to Marks and Spencer?

  • There is no monthly fee for using the account.
  • You will receive a £500 overdraft when opening the account which includes £100 interest free. This is one of the highest interest free overdraft amounts.
  • The remaining overdraft is charged at 15.9pc EAR, which also makes it one of the lowest rates of interest charged.
  • You will have access to preferential rates on various Marks and Spencer Bank products.
  • You will be able to earn 1 point per pound spent in store or online through their loyalty scheme. Possibly saving you even more as you spend.
  • Aside from the standard online banking app, Marks and Spencer also offers a Balance App which can help you top up your mobile, view your recent transactions and generally keep your finances in order.
  • 24 hour UK call centre and in branch support. As branches are based within store they have longer opening times than most banks which is very convenient during the working week.

The overdraft facility is an excellent plus for this account and Marks and Spencer also offer a £50 overdraft buffer facility to help you out when they receive any payments that will take your account beyond your overdraft limit. There is no fee for this service so you are only required to pay back the extra money and the incurred overdraft interest.

Additionally, if you have an overdraft limit and provide them with your phone number then you will receive text alerts.  This enables you to budget and be aware of your overdraft limit. You are able to request a different overdraft limit at any time or simply not have one.

Marks and Spencer is covered by the £75,000 UK savings guarantee.

While this account does not provide interest on the money in your account, this is counteracted by the excellent switch rewards for the first year and access to the 5% savings account. Overall this is a great current account option.

Latest news

Top 3 picks for current accounts in 2021

Over 5.1 million UK bank and building society customers have switched their bank accounts using the free (and guaranteed) current account switching service which simplifies the process for customers. Read More »

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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.