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Can I get a current account?

To be eligible for a current account, you must be over 16 years old and a legal UK resident. Although some banks require you to be at least 18. If you’re under 18, you may be able to open an account with help from your guardians. You can get specific current accounts that are tailored to children and young adults but the services they offer are very limited.

Opening a current account is easy and can normally be done in minutes. Most banks allow you to open an account online, on the app or in a branch. Upon opening an account, you may have to pass a credit check, this is because many current accounts allow you to apply for an arranged overdraft. You’ll also have to provide proof of your identity and address before you can open an account.

Are current accounts free?

All banks offer at least one free current account, but there are also plenty of current accounts available that require you to pay a monthly maintenance fee. If you want additional benefits from your current account such as travel insurance, breakdown cover, cashback when you spend and more, you might want to consider opening an account for a monthly fee. Depending on the benefits offered, the monthly fee can vary between £2 to £20. However, it’s always best to weigh up your options. If you don’t think you’ll take full advantage of the benefits, you might be better off opening a free account and paying for insurance products and breakdown cover yourself.

Do current accounts pay interest?

This will depend on who you’re opening a current account with. The majority of standard current accounts don’t pay any interest at all on your balance. However, some banks offer competitive interest rates on current accounts. In order to qualify, you’ll often have to meet certain criteria, for example, you have to pay in at least £1,500 a month into your current account. Some UK banks offer interest rates of up to 3% on their high-interest current accounts, so if you pay in £1,000 a month on average, you’ll earn £30 a year.

Can I switch current accounts?

Yes. Switching current accounts is easy with the Current Account Switch Service. When opening a new account, simply let your new bank provider know that you’d like to switch from your existing current account to them. Your bank will provide you with a ‘current account switch agreement’ and a ‘current account closure instruction’ that you need to fill in and sign. Once the bank has all the information they need, they’ll deal with the switch for you and it will be complete in 7 working days. Your incoming payments, such as your salary and pension income and your outgoings, such as Direct Debits and standing orders will be automatically transferred for you so you don’t have to worry about a thing.

What about app-based banks?

We’ve also got a comparison table that focuses purely on app-based banks. The difference between app-based banks and high street banks is that they are digital only and you don’t have the option of visiting a branch. The future of banking, app-based banks offer more features than high street banks, such as insights into your spending habits and fee-free spending abroad. However, they don’t offer as many services as high street banks, like mortgages or investments. An app-based bank might be better suited to your personal needs so they’re definitely worth considering when you’re choosing who to bank with.