Current Accounts Homepage

Current Accounts

Compare the UK’s current accounts – Order based on customer service score in descending order

  1. £100 Cashback

    Receive £100 cashback when you switch

    Great for
    £100 cash back when you switch
    Satisfaction guarantee
    But be aware that
    Minimum monthly funding of £1,000
    No interest paid on balances in credit
  2. Market leading

    Best rate for balances between £3,000 and £20,000

    Great for
    Cash back on your household bills
    1% cash back on your Santander Mortgage
    But be aware that
    £2 monthly account fee
    Minimum monthly funding of £500
  3. Great for
    £100 cash back when you switch using The Co-operative Bank switching service
    The Co-operative Bank will also donate £25 to charity
    But be aware that
    Minimum monthly funding £800
    Terms apply for the £100 offer. See 'more details' page or visit providers site for full details

    Representative Example:

    The advance of credit of £1,200 at an interest rate of 18.9% EAR variable per annum. For any agreed overdraft amount over £200 a formal overdraft service charge of £20 per annum will be charged when The Co-operative Bank agree the overdraft limit and at renewal.

    • Provider/Product name FlexDirect

      FlexDirect

    • Interest Rate (AER) 5.00% on balances between £1 and £2500
    • Monthly Fee No monthly fee
    • Customer Service Rating
      Great
      67%
      OK
      26%
      Poor
      7%
    • Go to site

      Phone

      More details

    Market leading

    This is the best rate for balances up to £2,500

    Great for
    Great option for those with balances left at the end of the month
    Access to preferential rates and offers
    But be aware that
    Minimum monthly funding of £1,000
    After 12 months the interest rate lowers to 1% AER
  4. Up to £160 Cashback

    Great for
    Get up to £160 cashback in the first year - made up of £100 for switching an active bank account held elsewhere to Halifax. Your switch is covered by the Current Account Switch Guarantee
    and 12 monthly £5 reward payments - receive £5 each month that you pay in £750, pay out 2 Direct Debits and stay in credit
    But be aware that
    To qualify for £100, use the Current Account Switch Service to transfer all active monthly Direct Debits (min 2) and credits (min £750). Excludes customers who've had £100 for switching to a Halifax bank account since Jan 2012
    To open a Halifax Reward Current Account you need to set up at least 2 active Direct Debits and pay in every month (minimum £750)

    Representative Example:

    If you use a planned overdraft of £1,200, then Halifax will charge you £1 a day when you use it. Overdrafts are subject to status.

    • Provider/Product name Classic Plus

      Classic Plus

    • Interest Rate (AER) 5.00% on balances up to £2000
    • Monthly Fee No monthly fee
    • Customer Service Rating
      Great
      37%
      OK
      43%
      Poor
      20%
    • Go to site

      Phone

      More details

    New

    This is the best interest rate for balances up to £2,000

    Great for
    In credit interest of 5% AER for balances from £0 – £2,000. T&C’s apply
    Available to new and existing customers
    But be aware that
    Subject to application and approval
    To earn 5% AER you must credit your account with £500 each month, register for internet banking, paperless statements and correspondence (if available)
  5. Great for
    LOVEFiLM and music downloads from hmvdigital
    Mobile phone insurance
    But be aware that
    Monthly fee of £10

Current accounts. Trust us to explain them simply

Guide to current accounts

Current Accounts Guide

We’re getting generally better at switching financial products and shopping around for a better deal. But changing current account provider is something that continues to elude most of us. In fact, an estimated six out of ten adults have never switched their current account.

There are 54million current accounts in the UK, making them big business for banks. And, as they know that once they’ve got your custom, they are unlikely to lose it, it can result in some uncompetitive deals and customer service.

The big four banks – Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland, which owns NatWest – control more than 70% of the current account market even though their standard current accounts pay paltry, and in some cases no, interest. Their overdraft rates can be uncompetitive too so why do so many people stay put?

The common perception is that switching current account is a lot of hassle for little gain but this isn’t the case. Many banks now have dedicated switching teams which ensure the transfer process runs smoothly. And from September 2013, the Current Account Switch Service comes into effect. Amid other consumer guarantees, this will ensure the process takes a maximum of seven working days. So now is the time to stop being loyal to your bank and get more from your current account.

Read more

What should I look for when choosing a current account?

The assumption many people make is that current accounts are all pretty similar so it doesn’t really matter which provider you bank with. But, especially these days, that perception is a long way from the truth.

Some of the major providers are battling to attract new current account business by offering some fantastic deals, including upfront cash incentives. However, the product that is best for you will also depend on how you use your current account. So we’ve come up with some common customer profiles that should help you identify the key things to focus on when choosing a current account.

  • If your current account is usually in credit, look for a deal that pays a decent rate of interest – the choice of these is growing!
  • If you are usually overdrawn, look for the cheapest overdraft rates. Some accounts now also offer fee-free overdrafts for a certain time period.
  • Look at how you manage your bank account. Some current accounts are based only online for example so, if you prefer to transact face-to-face in a branch, these won’t be suitable.
  • If you do require branch access, and see an account that looks attractive, think about where the nearest branch of that bank or building society is as there’s little point moving your current account over if you’ll have to travel miles to get to a branch.
  • Think about whether you want to pay a monthly fee for a packaged current account which offers services such as breakdown cover and annual travel insurance.
  • Finally, if you frequently travel abroad, check out any foreign transaction fees for using your debit card as these also vary.
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