Current Accounts

It's easier than ever to switch... 7days in fact, thanks to new government legislation!

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

    • Provider/Product name 1st Account

      1st Account

    • Customer Service Rating
      Great
      92%
      OK
      6%
      Poor
      2%
    • Overdraft Rate (EAR) Interest free on the first £250
    • Interest Rate (AER) 0.00%
    • Go to site

      Phone

      More details

    £100 Cashback

    £100 cashback when you switch your current account to first direct

    Great for
    Receive £100 cashback when you switch to first direct
    Earn a market leading 6% interest from first direct's regular saver and access preferential mortgage rates - open to first direct banking customers only
    But be aware that
    Minimum monthly funding of £1,000
    No interest paid on balances in credit
  1. 2015 SUPERS

    Winner of the best overall current account provider

    Great for
    Cashback on your household bills
    But be aware that
    £2 monthly account fee
    Minimum monthly funding of £500
    • Provider/Product name FlexDirect

      FlexDirect

    • Customer Service Rating
      Great
      73%
      OK
      23%
      Poor
      4%
    • Overdraft Rate (EAR) 0% 1st 12 months
    • Interest Rate (AER) 5.00% on balances between £1 and £2500
    • Go to site

      Phone

      More details

    Market leading

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

    Great for
    In credit interest of 5% AER on balances from £1 to £2,500. Conditions apply
    Dedicated switching service to personally manage your account opening
    But be aware that
    Minimum monthly funding of £1,000
    After 12 months the interest rate lowers to 1% AER
  2. Switching Gift Card!

    £100 M&S gift card if you switch your main bank account using the current account switching service

    Great for
    Access to the 6% high interest rate M&S Monthly Saver account
    First £100 overdraft is interest free with a £50 buffer if you go over the agreed overdraft limit
    But be aware that
    To qualify for the £100 gift card you must use the Current Account Switch Service

    Representative Example:

    0% EAR variable on the first £100. 15.9% EAR variable thereafter.

  3. Great for
    £100 cashback 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 £200 at an interest rate of 18.9% EAR variable.
    Debit interest of 18.9% per annum is charged on the total overdrawn balance. Subject to status.

  4. Up to £160 reward

    Receive £100 reward when you switch to this account plus an additional £5 per month - see T&Cs

    Great for
    Earn up to £160 reward in the first year - made up of £100 for switching & 12x £5 reward each month you pay in £750+, pay out two different Direct Debits and stay in credit
    Your switch is covered by the Current Account Switch Guarantee
    But be aware that
    To qualify for the £100 offer you must use the Current Account Switch Service and close your account held elsewhere. If you've had cashback for switching since January 2012, we're sorry but you don't qualify
    Account terms and conditions apply

    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.

  5. Great for
    Earn 3.00% AER/2.96% Gross variable credit interest on balances up to £3,000
    Collect extra Clubcard points in and out of Tesco with your debit card1
    But be aware that
    £5 monthly account fee - which you don’t pay if you deposit £750 a month

    Representative Example:

    If you use an arranged overdraft limit of £1,200 at a rate of 18.90% EAR (variable) interest, you would be expected to pay £0.62 interest each day.
    1 One point for every £4 spent in Tesco and one point for every £8 spent out of Tesco in each card purchase transaction. Exclusions apply.

    • Provider/Product name Classic Plus

      Classic Plus

    • Customer Service Rating
      Great
      55%
      OK
      35%
      Poor
      10%
    • Overdraft Rate (EAR) 19.94%
    • Interest Rate (AER) 5.00% on balances up to £2000
    • Go to site

      Phone

      More details

    Great for
    In credit interest of 5% AER for balances from £0 - £2,000. T&Cs apply
    £25 interest and fee free planned overdraft
    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 paperless correspondence
  6. Great for
    Earn up to 4% AER / 3.93% Gross variable interest on your balance up to £5,000
    Get exclusive access to a range of great banking offers
    But be aware that
    For the monthly £5 fee to be waived, a minimum of £1,500 must be paid into your account each month
    To qualify for credit interest you need to pay two different Direct Debits from your Club Lloyds current account each calendar month

    Representative Example:

    Up to £100 interest and fee free overdraft, subject to application and approval. If you use a Planned Overdraft of £1,200 on the Club Lloyds Account the overdraft interest rate Lloyds charge on the first £100 will be 0% EAR variable. The overdraft interest rate on the next £1,100 will be 19.94% EAR variable and a Monthly Overdraft Usage Fee of £6 will apply. You will not pay any fees or interest on an unplanned overdraft if you are overdrawn by £10 or less. EAR is the Equivalent Annual Rate. This is the actual annual rate of an overdraft. It doesn't take into account other fees and charges.

  7. £150 Cashback

    £150 cashback when you switch using the Current Account Switching Service

    Great for
    2% AER in credit interest. Use for end of month balances or savings
    9.9% EAR Overdraft rate – great option for overdraft occasional users
    But be aware that
    Minimum monthly funding £1,000
    Account must be opened on the phone or in branch
  8. Great for
    Earn a minimum of 1% cashback at selected retailers and an additional 1% cashback on contactless purchases
    Award winning mobile banking - pay your contacts anytime
  9. Up to £240 Cashback

    Get up to £240 when you switch to a HSBC Advance Bank Account and take up their Save Together offer

    Great for
    £120 when you switch to the HSBC Advance Bank Account using the Current Account Switch Service within 2 months of account opening
    Up to £120 additional interest over 12 months with HSBC's Save Together offer
    But be aware that
    HSBC Advance Bank Account requires minimum monthly funding of £1,750. Switch Offer T&Cs apply
    To benefit from Save Together you must also hold an HSBC Loyalty Cash ISA and meet minimum payment requirements. Offer T&Cs apply

    Representative Example:

    If you use an overdraft of £1,200 on an HSBC Advance Bank Account, the overdraft rate HSBC will charge is 17.9% EAR (variable).

    EAR is Effective Annual Rate. This takes account of the interest rate and how often interest is charged, and does not include any other fees or charges.

    Overdrafts are subject to status.

  10. £150 Cashback

    £150 cashback when you switch using the Current Account Switching Service

    Great for
    2% AER in credit interest. Use for end of month balances or savings
    9.9% EAR Overdraft rate – great option for overdraft occasional users
    But be aware that
    Minimum monthly funding £1,000
    Account must be opened on the phone or in branch

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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