Joint accounts
If you want to manage your finances with someone else, a joint current account could be ideal.
Get up to £175 when you switch
Your money is safe with our FCA-regulated providers
See account details and important information at a glance
Below are our best bank account switching deals along with some important information about the accounts.
Accurate as of Friday, 24 January 2025
£175 to switch + access to 7% Regular Saver + no debit card fees when spending abroad
1st Account
Switch Incentive
£175 to switch
Arranged overdraft
Yes (subject to eligibility)
Account fees
None
Rewards and other perks
Access to 7% AER/gross Regular Saver
£150 to switch
Everyday Current Account
Switch Incentive
£150 to switch
Arranged overdraft
Yes (subject to eligibility)
Account fees
None
Rewards and other perks
Get cashback, vouchers, prize draws and other personalised offers
£150 to switch + earn monthly cashback on selected household bills & essential spend
Edge current account
Switch Incentive
£150 to switch
Arranged overdraft
Yes (subject to eligibility)
Account fees
£3 /month
Rewards and other perks
Earn 1% cashback on selected household bills
£100 to switch + £60 to stay. T&Cs apply
Spend & Save Current Account
Switch Incentive
£100 to switch
Arranged overdraft
Yes (subject to eligibility)
Account fees
None
Rewards and other perks
'Monthly cashback £10 for 6 months
£150 to switch + earn monthly cashback on selected household bills & essential spend
Edge Up current account
Switch Incentive
£150 to switch
Arranged overdraft
Yes (subject to eligibility)
Account fees
£5 /month
Rewards and other perks
Earn 1% cashback on selected household bills
This is a preview of our top current accounts ordered by switch incentive. For a full breakdown of all our current accounts, including alternative current account types, progress to the results table.
A current account is a type of bank account that allows you to manage your everyday money, including paying bills, receiving wages, and making purchases.
You will typically get access to a debit card, online and mobile banking services, and direct debits to help manage regular payments.
Some current accounts may offer additional features such as overdraft facilities or cashback, but they may come with specific requirements, such as a minimum monthly deposit.
Current accounts are designed for daily use and typically don't offer high interest on your balance compared to savings accounts, but there are some high interest current accounts available.
1) Apply to open the account: You can open a current account online or in-branch, using the switch guarantee service if you want to transfer from another bank.
2) Understand the terms: Current accounts come with features like a debit card, online banking, and direct debits, with some accounts offering extras like overdrafts or cashback.
3) Manage your funds: You can deposit, withdraw, or transfer money easily, helping you manage your everyday expenses and payments with flexibility.
4) Use the account regularly: A current account allows you to access your money whenever you need it, making it perfect for daily financial transactions.
Everyday spending: Think of a current account as the money you currently have. So, it’s ideal to use this bank account for your day-to-day spending, and you can use your debit card to do so
Salary: Your wages will always be paid into it
Pension: When you’ve retired, your pension will be deposited into your account
Cash withdrawals: It’s best to use your connected debit card for ATM withdrawals, as you will not be charged for doing so when you’re in the UK. Using a credit card for cash withdrawals will come with fees and interest rates, as this is money you’re borrowing from the lender
Some providers offer perks like cashback and rewards, free railcards for students, and more.
If you want to manage your finances with someone else, a joint current account could be ideal.
If you’re looking to receive payments and pay out money in your company name, a business current account may suit you best.
A children’s bank account can help your child understand the value of money and become more financially independent.
Off to college or university soon? Student bank accounts can offer good overdraft facilities and include perks like free railcards or cinema tickets.
A packaged bank account comes with extras such as mobile phone insurance, rewards and fee-free card payments abroad. You’ll usually have to pay a monthly fee
Cashback and reward current accounts can offer a range of benefits from cashback and discounts when you spend using the account, to loyalty points and even boosted interest on your in-credit balance.
Bank switching is when you change your current account provider to a new one, where generally you will need to be a new customer.
Switching your bank account is straightforward as most banks and building societies are part of the Current Account Switch Service. When you switch, your incoming payments will move to your new bank account. You could even benefit from extra money in your new account, if the bank you’re moving to offers an account switching bonus.
If you want to switch, it’s essential that you meet the eligibility requirements. If you’re looking to benefit from a switch incentive, it’s also important that you meet the eligibility criteria. Eligibility requirements across banks will vary but here’s what’s usually needed:
Deposit a certain amount: You might have to move a certain amount of money into the new account
Direct debits: Your new provider may want you to set up a minimum number of direct debits or standing orders in order for you to make the switch
Be a new customer: You’ll usually have to be a first-time customer to qualify for the switch bonus. Some banks will require you to have not had an account with them since a certain date or never at all
Open your new bank account and make sure it’s signed up to the switch guarantee scheme. You’ll able to choose the date you want the switch to take place and then the current account switching service will arrange this.
Incoming payments like your salary and your current direct debits and standing orders will move across
Incoming payments like your salary and your current direct debits and standing orders will move across. You’ll also be covered financially and reimbursed if anything goes wrong
If your new account comes with a switch incentive, you’ll receive the funds once the switch is complete
Switching your bank account, comes with a host of benefits, such as:
A common perk for switching is a cash incentive, which is basically free money. However there tend to be some conditions, such as a minimum deposit to put into the account
Some banks offer you better deals on your overdraft when you switch with them, such as an interest-free overdraft for a period time
You can even benefit from cashback when you switch. Some banks may let you get cashback on purchases made with your debit card from selected stores
Another perk when you switch can be access to better saving rates. The provider may offer you savings accounts with generous rates of interest for switching
When it comes to choosing the best current account for you this all depends on what you need it to do. Each one will have features designed for different types of customers.
For those who regularly need to dip into an overdraft, you may want to prioritise an account that comes with a cheaper overdraft – as some banks have very high overdraft rates.
You may want to consider an online or app-based bank where you can see your balance and manage your transactions at any time 24/7. Banking and access to cash is free and convenient.
If your account is rarely overdrawn, then a high interest account could benefit you. These accounts pay competitive rates of interest, however there is usually a cap on the balance that can earn interest each month.
If you have a low credit score then a basic bank account or account for bad credit can help you rebuild your score. You won’t have access to an overdraft, but setting up direct debits to pay bills on time through your account can improve your credit score.
A current account allows you to quickly access your funds with a debit card, mobile banking, or ATMs, making day-to-day spending convenient.
You can easily set up direct debits and standing orders for bills and regular payments, helping you manage your finances efficiently.
Many current accounts offer an overdraft feature, providing a safety net for short-term borrowing when needed.
Most current accounts offer little or no interest on your balance, meaning your money may not grow over time.
Some current accounts charge monthly fees or impose fees for services like overdrafts, international payments, or going overdrawn.
Easy access to funds and overdrafts may lead to overspending, potentially resulting in debt if you don’t manage your account responsibly.
Multiple switches can impact your credit score, especially if you use the bank account switching service multiple times in a short period of time.
However, the effect on your credit rating shouldn’t last long or be too severe. The reason your credit score might dip is because some banks will carry out a hard credit check when you register for a new account with them. If you’re planning to apply for a loan, for example, a mortgage then it may be best to avoid switching until after, so your score hasn’t been brought down by the switch. You can keep an eye on your credit score, by using our free credit monitor service.
The good news is that whatever type of current account you choose, it’s easy to get started. Just take the following steps.
1) Decide on your account: Compare current accounts based on fees, features, and perks like overdrafts, rewards, or interest on balances.
2) Check Eligibility Requirements: Ensure you meet basic criteria such as being 18 or over, a UK resident, and able to provide necessary ID and proof of address.
3) Complete the application: Apply online or in-branch, providing your photo ID, proof of address, and possibly financial details like income and employment.
4) Wait for approval and account set-up: Once your application is processed and approved, you’ll receive your account details and debit card to start using immediately
We tend to overlook our current accounts but they are valuable weapons in our financial arsenal and even offer a cash incentive for switching (at the time of writing you can get up to £175.00[1]Accurate as of 24 January 2025. with MoneySuperMarket). Some perks can genuinely save us money when they fit our needs, and match our spending and saving habits. But even with the switch guarantee, we don't vote with our feet often enough when the account, service or provider isn't what we need or really want. It's high time we started flexing our muscles by switching our current accounts and making those providers work harder for us and our money.
Kara Gammell Personal Finance Expert
MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
We can make it easy to find an account that suits you by comparing a range of options all in one place.
Click through to search the market to find the best current account for your needs, including any cash incentives to switch
Use our handy filters to narrow down your options based on the type of current account you need, such as high interest or student accounts
When you find the deal you want, click straight through to the provider to complete your application. Sit back while your new bank takes care of the switch
To open a bank account, you’ll usually need the following information to hand:
Personal information: Usually your full name, nationality, contact details, date of birth and national insurance number
Proof of address: A recent utility bill, mortgage statement or tenancy agreement, bank statement or council tax bill
Proof of identity: Such as your passport or driving licence. If you’re opening a children’s account or student account, your bank may accept a birth certificate as proof of identity
Most providers will only need you to be over 18 to open a bank account, but some banks might have additional requirements for certain types of accounts. This could mean a minimum credit score, especially if the account comes with perks or benefits.
If you want to close your account, you’ll normally be able to do this by contacting your bank either by phone or post, or by meeting face to face and letting them know.
You don’t need to tell your bank when you switch. When you’ve completed the Current Account Switch Service Agreement form, the bank you are switching to will take care of the rest.
Any payments in and out of your old account are automatically switched thanks to the Current Account Switch Service, and your new bank will contact the person sending the payment or the person due to receive the payment to let them know your new account details. They’ll also contact you if there are any problems.
If you created any regular payments using your old account’s debit card then you might need to manually change them.
Many banks will let you add another name to your account – you’ll normally both have to go into a branch and show ID to do this, as well as fill out some forms.
However, some accounts might only be limited to one account holder, and others could say the additional person needs to be a certain age. They may even need to make a payment into the account to be added – read more with our guide to joint bank accounts.
If your bank goes out of business your money is safe up to a threshold of £85,000 due to the Financial Services Compensation Scheme, which gives you government protection when you bank. It includes digital and challenger banks, building societies and credit unions.
AER stands for Annual Equivalent Rate, and it shows you the interest rate that you’re earning on the balance of your savings account or current account.
APR stands for Annual Percentage Rate, which refers to the interest rate you’ll pay on any loan or credit card repayments.
There are no rules on how many you can have. You can have multiple bank accounts – provided your bank or building society lets you. But some have eligibility criteria, such as a minimum amount you must pay into the account each month, for example.
It can be beneficial to have an additional current account with a partner or housemate if, for example, you need to share payment of rent, mortgage and other bills. You could also open a second current account to earn higher interest on some savings, and still want to keep another account for day-to-day spending.
Be aware that if you use an overdraft on more than one current account this could negatively impact your credit score and affect your ability to get loans and credit. Your credit score could also dip if you apply for a lot of new current accounts in a short space of time.
The Financial Services Compensation Scheme will protect up to £85,000. As long as your current account is held within a UK-authorised bank, building society or credit union then your money will be covered by the FSCS. If you hold a joint bank account, then up to £170,000 will be protected.
You can get a bank account even if you’ve had debt problems in the past or if you have a low credit score.
Basic bank accounts offer most of the functionality of a standard account, but typically you won’t have access to an overdraft.
A current account is for daily use, such as paying bills and shopping, and doesn’t earn interest. A savings account helps you save money and earns interest, but often has limits on how often you can use it.
Online and mobile banking offers easy access to your money anytime, anywhere. You can pay bills, transfer funds, and check your balance quickly. Mobile banking apps provide convenience, letting you manage your account on the go, receive instant notifications, and ensure secure transactions.
It’s a good idea to check your account statements regularly, because this could stop you going into your overdraft without knowing. It can also be a good way to double check whether there are any transactions you don’t recognise.
Look for a provider with good customer service, because you never know when you’ll need to call them up or go into a branch to fix an issue.
Remember to be careful with your PIN and account details; you should keep this information safe and protected. Remember, your bank will never ask you to reveal details like your PIN, either on the phone, in person or through an email.
Your bank will almost certainly have an app that lets you manage your account online, and some may even be based on their app. This is excellent for quick and easy money management.
Each bank has different ways of transferring money. Some require you to use a card reader when transferring any sum of money, while others only use it for transactions over a set amount.
Other banks do not use card readers at all, so if money transfers are something you might be doing a lot of, it’s worth checking the policy details to see how easy it is to make payments on the go.
If your current account comes with benefits such as air miles, you might want to check whether you really need them. For example, if you’re not a frequent flyer, is an air miles bonus worth the extra cost of the monthly fee? The same goes for any other attached benefits such as travel insurance.
