Compare current accounts
It’s more attractive than ever to compare current accounts: healthy competition means there are a number of incentives available for those willing to switch. But if you don’t compare current accounts, you could be missing out on a great deal – and some free cash!
Switching current accounts is simple because most of the legwork is done for you and, at the end of it, you can benefit from an account that’s much better for your pocket and lifestyle.
Find the best current accounts
If you’re looking for the best current account, you’ll benefit from a wide range of products to choose from. Many of the best current accounts offer:
- High interest rates
- Cashback and rewards on spending
- Competitive overdraft rates
The best current account is different for each person, as it depends on your spending habits and level of savings. Our guide to our best current accounts will help you discover which type account will suit you – and we’ll even help you to open it.
Please note: at various points on this page you will see the abbreviation AER. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Here are our top current account deals. You can see more accounts below.
Get £125 for switching your current account to first direct at MoneySuperMarket
- Earn £125 cashback when you use the full Current Account Switch Service to switch your current account to first direct through MoneySuperMarket, T&Cs apply
- Cashback exclusive to MoneySuperMarket Group – not available on any other comparison site or on first direct’s website
- You must pay in at least £1,000 into this current account within three months of opening. After 6 months, first direct will charge a monthly £10 fee unless the customer pays in a regular £1,000 a month or has another first direct product
- New first direct customers only
- Once you have paid in £1,000, the £125 cashback will be credited to your account within 28 working days
- Customers must be 18 or over
Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply
Get up to £185 to spend at M&S
- Get a £125 M&S gift card when you use the Current Account Switch Service to switch your current account to M&S, including at least 2 active direct debits. T&Cs apply.
- M&S will also top up your gift card by £5 a month for the first 12 months if you keep at least 2 active direct debits and pay in at least £1,000 a month
- You'll get an overdraft of at least £500, with the first £100 interest free. After that, overdraft interest is charged at 15.9% EAR variable (subject to status), and there are no overdraft fees
- Representative example (assumed overdraft £1,200): 0% EAR variable on the first £100, 15.9% EAR variable thereafter
Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs
Great for switching cashback
Switching current accounts has never been simpler, and many providers are offering lucrative incentives for moving your account to them.
When you switch your current account to a new bank or building society, you could get £100 or more in cashback as a reward for switching. Just make sure that you’re applying for an account that suits your needs, not just the one with the highest cashback.
Great for switching cashback - Ordered by the amount of cashback/reward
- Overdraft Facility
- Direct Debits
- Switching Service
- Online Banking
- Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
- You can also open an M&S Monthly Saver account and earn 5% AER
- Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
- You must be at least 18 years old to open this account
- To get the £125 gift card, you must use the current account switch service, and you must have at least two active direct debits from the account
- To get the £5 monthly top up, you must pay in at least £1,000 every month, and you must have at least two active direct debits from the account
Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs
- Cashback
- Online Banking
- Mobile App
- Standing Orders
- Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply
- You can also open a regular savings account and earn 5% AER
- Get a £250 interest-free overdraft, subject to status
- You must be at least 18 years old to open this account
- You must pay in at least £1,000 within the first 3 months of opening the account to qualify for the cashback reward
Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply
Ongoing rewards
If you tend to stay in credit and never go overdrawn, you could get rewarded regularly by your bank or building society. By switching to a rewards current account, you could get a monthly reward payment and earn cashback on your spending. Some providers will also offer a cash incentive for switching your current account to them.
Many rewards accounts have requirements such as paying in a minimum amount each month, or having a minimum number of direct debits, so make sure you can meet the criteria to get the rewards.
Ongoing Rewards – Ordered by highest ongoing cashback over the first 12 month period
- Cashback
- Mobile App
- Overdraft Facility
- Online Banking
- 2% cashback on 7 types of household bills if paid by direct debit. Customers earn £83 on average in rewards per year based on monthly bills of £345
- Access to emergency cash if your card is lost or stolen
- Easy-to-use mobile banking app
- £2 monthly fee applies
- You must be 18+ and a UK resident
- To earn Rewards you need to access online or mobile banking once every 3 months
Great for high in-credit balances
Traditionally, current accounts have been a way to manage your spending on a day-to-day, week-to-week and month-to-month basis. If you had any extra savings, you would naturally think of some kind of dedicated savings account.
That’s no longer the case. A number of current accounts pay very attractive rates of interest relative to all but the best fixed-term savings accounts. Plus, with a current account, there is no obligation to tie-up your money for a fixed period in order to access the best rate of return.
That said, interest-paying current accounts do have a number of requirements, such as monthly fees, minimum monthly payments and the need to run two direct debits.
But the combination of a competitive interest rate plus other benefits, such as cashback on spending, can make them an attractive proposition.
Great for in-credit balances - ranked by AER (highest first)
Interest rate (AER)
includes
includes
Check introductory rate and period with provider
- Earn interest of 1.5% AER (variable) on your balance up to £20,000
- Earn cashback on selected household bills, as long as you pay by direct debit
- You'll have to pay a £5 monthly fee
- You must pay in at least £500 every month
- You must have at least two active direct debits from this account
Top for customer service
If you’re fed up with getting poor customer service from your bank, switch your current account to a provider that’s known for looking after its customers.
As well as making your life easier, some of these accounts offer extra benefits such as competitive overdrafts or cashback for switching.
Many current account providers require you to pay in a minimum amount every month, so make sure you can manage this.
Top for Customer Service – Ordered by score
- Cashback
- Online Banking
- Mobile App
- Standing Orders
- Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply
- You can also open a regular savings account and earn 5% AER
- Get a £250 interest-free overdraft, subject to status
- You must be at least 18 years old to open this account
- You must pay in at least £1,000 within the first 3 months of opening the account to qualify for the cashback reward
Receive £125 cashback when you switch your current account to first direct. You can't get this offer anywhere else. T&Cs apply
- Overdraft Facility
- Direct Debits
- Switching Service
- Online Banking
- Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
- You can also open an M&S Monthly Saver account and earn 5% AER
- Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
- You must be at least 18 years old to open this account
- To get the £125 gift card, you must use the current account switch service, and you must have at least two active direct debits from the account
- To get the £5 monthly top up, you must pay in at least £1,000 every month, and you must have at least two active direct debits from the account
Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs
Current accounts. Trust us to explain them simply
Guides
Explore more current accounts
What is a current account?
A current account is a bank or building society account that allows you to manage your day-to-day spending.
You can have your salary paid into it, set up direct debits and standing orders and negotiate an overdraft. Some accounts also pay interest on balances and offer cashback on spending.
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.
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.
How we work
We want to show you current accounts from as many banks and building societies as possible, so that you can find the best option for you. We can’t promise to have accounts from every single provider, because some don’t want to be included on comparison websites.
You can find out more about how we work here.