This comparison simply includes all savings accounts.
New Current Accounts
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
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.
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
New Current Accounts
New accounts appear often as banks try and attract new customers.
One of the newest and most exciting new accounts is Clydesdale and Yorkshire Banks’ new ‘B’ account.
If you like the idea of an interactive current account which allows you to manage your finances while you’re on the move then it could be worth a look.
B Current and Savings Account
B include, as standard:
- A current account.
- A savings account.
- An easy-to-use app for tablet and mobile.
Launched earlier this month, the app-based B account is available on both Apple and Android devices, so you can log on whenever you want and set up savings pots, tag and track spending or automatically sweep cash between current and savings accounts.
Why is this app different?
It’s packed full of super-smart features to give you a clearer view of how you spend and save. It’s an intuitive app that can learn and grow as you use it, to help you manage your money. You’ll need to use both your compatible tablet and smartphone to get all of the features.
The account “learns” about the way you spend and save money and can help predict where you are likely to end up overdrawn at the end of the month, or if you’ll have enough to cover all your outgoings.
It also allows you to set up lots of different savings pots within the same account, so that you can save towards different goals. For example, you might decide to save £50 a month, and allocate £20 of this to a savings pot to put towards a holiday, and the remaining £30 into a savings pot to help you buy a new car.
Useful Information to Know
- The B current account pays just 0.25% AER (0.25% gross p.a. variable) interest on balances up to £2,000, and nothing on any part of your balance that is higher than this.
- The B savings account pays 0.75% AER
- If you set up an agreed overdraft on your B account, you’ll be charged an equivalent annual rate (EAR) of 12.5%, plus a £6 monthly fee.
- There is a two day grace period for you to clear your overdraft when you go into the red, as well as a £25 buffer before any fees are charged. If you go overdrawn without arranging it first, you’ll be hit with a £6 daily charge with a £10 buffer and two day grace period.
- There is no monthly account fee.
The B current and savings account are suited to those who struggle with budgeting or would like a more streamlined and easy to use internet banking system. Being able to organise your savings in to various ‘pots’ is a great idea and takes the hassle out of saving. It’s an inexpensive option with no monthly account fee but you could find yourself spending more if you use your overdraft often. The lower interest rates also may not suit everyone.