Which current account

They generally come with interest-free overdrafts and a sign-up perk such as a railcard pr Amazon Prime membership thrown in to draw people to them. The best current account is the bank account that offers the perks or deals that suit your lifestyle. If you often dip into the red, you might want to compare bank accounts that offer fee-free overdrafts.

You can start your application for a new current account with our comparison table. Most banks allow you to apply online and the process for opening an account may be much easier than you are used to previously.

You need to be at least 18 and living in the UK to apply for a current account. When I apply for a current account via the comparison tool, what happens? You don't have to go ahead with an application if you decide the account is the one for you.

A UK address and proof of address. You may need at least two bills or letters from the past three months. You should not need to pass a credit check to get a current account. Banks sometimes offer perks or incentives to encourage you switch your current account to them.

These could be in the form of a cash bonus, vouchers or an item like new headphones. You may have to stay with the bank for a set amount of time to qualify for and keep the bonus. It used to be a complicated and time-consuming process to change banks but technology has now made the process much easier. The Current Account Switch Guarantee means that your new bank takes care of everything. They will close your old account, move your balance and switch over any direct debits or standing orders.

The guarantee covers most UK banks. Your new bank or building society takes care of all the transfer details. Under the Switch Guarantee, your new bank should cover fees or charges you might incur as a result of the switch. For example, a missed payment. Some accounts allow you an interest free overdraft. This translates to letting you borrow a set amount of money for free.

Not all accounts do this. The interest free amount is often less than the full overdraft limit. Be careful not to confuse the two.

Under new government rules banks are no longer be able to charge high fees to customers who drop into their overdraft. This applies to both arranged and unarranged overdrafts.

Banks can now only charge overdraft users a simple annual interest rate. It's important to speak to your bank or building society if you are unsure about your overdraft fees. Some banks charge you a monthly or annual fee to have a particular account. Not all accounts have a fee. It is usually the accounts with exclusives perks or cashback that charge this fee. Do not let fees put you off. You could end up saving more money than the fees cost you. The most clicked on accounts are at the top, with the least at the bottom.

This reflects how popular they are with visitors to Uswitch. Find out how the new wave of digital banks, such as Monzo, Starling and Revolut, are aiming to shake up the banking sector. How to open a bank account online. You can open a bank account online in less than ten minutes, but what documents do you need and what happens if the bank turns you down? Business bank accounts. Compare leading business bank accounts for sole traders and limited companies, with an in-depth comparison of perks, fees and overdraft charges.

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Current accounts. How to get a current account What to do if things go wrong with your current account. What you can do with a current account.

The money usually clears on the next working day Monday to Friday, not including public holidays. But it can take longer if the cheque is paid in after any advertised cut-off time. Find out more on Payments into your bank account. Money Navigator Tool. Have you got money worries because of coronavirus? Back to top. Who can get a current account? You need to be over 16 to open a current account, although for some banks the minimum age is Find out more in our guide Savings accounts for children.

Minimum monthly payment. Good credit history As many current accounts allow you to have an overdraft, you might need to pass a credit check when you open the account.

Proof of identity and address All banks or building societies will ask for proof of your identity and address before you can open a bank account. How much does a current account cost? Top tip. Find out more in our guide Packaged bank accounts. Overdrafts and current accounts. Need someone to talk to about your finances? Banks will usually charge you interest for lending you this money.

Find out more in our guide Overdrafts explained. Charges for refused Direct Debits and standing orders. Find out more about how to use Direct Debits and standing orders without paying charges in our guide Direct Debits and standing orders.

Cash machines ATMs. In the UK, taking money out of a cash machine with your debit card is usually free. Using a credit card to take out cash comes with a charge, and you pay interest from the moment you withdraw the money.

If you have a card with an interest-free period, it will only apply to purchases. Some prepaid cards charge you a fee to withdraw money from cashpoint machines. How to get a current account. How to choose a current account. Compare Bank Account Fees and Charges.

The comparison tool shows everything from overdraft fees to foreign cash withdrawal charges. Here are a few websites that compare current accounts: Money Saving Expert Which?

Find out more in our Guide to comparison sites. To help you choose best bank accounts for children, take a look at the Which? How to open, switch and manage your current account. You can usually apply in person, by post, over the phone or online. How to switch current account.