You can get a current account from a high street bank or building society, or from newer online only or app based banks. You may be familiar with banks and building societies but new challenger banks offering online banking only, are still relatively new to the market and changing very quickly.
Mobile app banking. App based banks offer easily accessible banking with a digital first approach. This means they do not offer a face to face service but often means they have 24 hour support. Zero monthly account fees. Most online only banks will offer a fee free current account. This means that you will not have to pay any fees for using the account, as long as you stay in credit.
Instant account set up. Since everything is done online, you can set up your account from wherever you are based. No minimum monthly pay-in. If you want to try some of the benefits of an app only account, this means you can open a new current account without changing how you use your existing one.
Local branches. Most if not all traditional banks will offer online banking so that you can manage your account online. But if you want to speak to someone in person, you can find a high street bank locally to you. Minimum monthly payment. You will usually have to pay a set amount of money into your account each month.click
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This may come from your salary or a pension. In credit interest. Many traditional banks will offer ongoing benefits such as interest on your current account when you are in credit. Account rewards. For an extra fee, some banks will offer current account benefits such as insurance and breakdown cover.
The above comparison includes all the current accounts available in the UK. Once you have decided what you are looking for, use it to compare the features important to you and then choose the best bank account for your needs. You can then apply for the account online, in a branch, by phone or by post. You can also switch your existing account to a new one, and some deals even offer a cash reward for this. If you already have a current account and are thinking of switching, you can manage this whole process online.
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The Current Account Switch Service is something that banks subscribe to and makes switching easy and free for anyone with a UK bank account. It is backed by the Current Account Switch Guarantee which means that if anything goes wrong, you will be refunded any interest and charges on your old and new accounts. Here is a list of participating banks and building societies. Choose a switching day that works for you and continue using your current account as usual until then.
Ask your new bank or building society to move your old account using the Current Account Switch Service. Find out more about how to switch your bank account. The Current Account Switch Guarantee is provided by your new bank or building society when you switch bank accounts.
Under the Current Account Switch Guarantee, your new bank will guarantee a complete switch in 7 working days. A guarantee that your new current account provider will contact you before the switch date if there are any issues making the switch. A refund of any interest and charges made on either your old or new current account if anything goes wrong with the switch. You get a new account: You may have had the same current account for years, with the same bank. Switching will allow you to see if your bank is still meeting your needs i.
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You get rewards: Most banks will offer incentives including money for switching, free cinema tickets and offers for your favourite shops. Overdrafts which let you borrow money using your current account. When you spend more money than you have in your account, you use your overdraft and have a negative balance until you pay it back.
Compare current accounts that offer overdrafts. Interest on some current accounts, which is paid monthly or annually onto your balance. You only earn interest when you have money in your account. Compare current accounts that pay interest. Rewards like cashback when you use your debit card or pay your bills from the account. Compare current accounts that pay rewards.
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Packaged current accounts which include extra features like insurance or breakdown cover, but they charge a monthly or annual fee too. Compare packaged current accounts.
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If you use an unauthorised overdraft or go over your overdraft limit, the fees could come to much more than you earn in rewards or interest. Your credit record could stop banks accepting you if you have:. However, banks offer basic current accounts without running a credit check as long as you are over 16 and can prove your identity. They come without overdrafts but let you pay money in, pay your bills and make payments by card.
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Student bank accounts usually come with an interest free overdraft that lets you borrow money over several years. They also come with other benefits like Railcards and discount cards. Here is how to work out which account is best. Some bank accounts can only be opened by adults, but you could get one without an overdraft if you are under They let you pay money in, make payments in person or online by card or set up automatic payments for regular bills like your mobile phone.
You can open a bank account for a charity or a company if you look after its finances. These accounts can stay separate from your own money and sometimes offer extra features to help you keep track of spending. You can get a joint current account to help you share expenses or bills with your partner, housemate or a family member. You can have a joint current account with two or more people and if there is a card offered with the account, you will get one each.
Here is how joint accounts work. Yes, although many banks only let you hold one current account with them. Too many accounts could also harm your credit record. You will owe money on your overdraft until you pay it back, and you may be charged a fee. If you have no overdraft, the payment will not go through. If you need to pay bills and make card payments, you usually need a current account. If you want to earn interest, here is how to decide which is best.
Most bank accounts come with a MasterCard, Visa or American Express debit card, but some prepaid accounts come with a prepaid card instead. Is it still live somewhere?
Thanks for putting together the bonuses information. Banks do not care about the difference, they just want to comply with laws that ask them to request the number and have a number to keep track of your account with. Code CZGA.