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This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 1.00%

Why we like it: Earn 1.00% 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.

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.

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