Standard bank accounts are sometimes known as current accounts and provide many useful services. You can have your salary paid directly into a Standard Account; settle bills or set up direct debits. These accounts usually provide a debit card which allows you to make cash withdrawals and to pay for items.
Packaged accounts are aimed at customers looking for a more personalised banking service than is available with a standard account. Additional extras such as travel insurance, mobile phone insurance, breakdown cover and cashback are usually available. However, there are often monthly or annual fees associated with this type of account.
These types of accounts are aimed at those studying at university or college. Many of the product features are geared towards the needs of students, such as interest-free overdrafts. The main banks also have advisers who are specially trained to deal with the problems and issues students often face when they’re managing their finances for the first time.
Graduate accounts are specifically designed for graduates usually offering special introductory offers such as 0% overdraft fees for up to three years. These accounts typically offer free day to day banking as well as online and mobile access and allow access to additional preferential products such as personal loans.
Basic bank accounts are available to anyone – you don’t have to be on the electoral role to qualify. They tend to suit people who are unable to qualify for a standard account, perhaps because they have a low credit score or have only recently moved to the UK.
It’s now easier than ever to switch your current account. Find out more.
Why use comparethemarket.com?
We’ve tried to make it quick and easy for you to compare current accounts to find the one which is right for you.
It can sometimes be a bit of a challenge trying to understand all the terminology associated with current accounts and deciding which type is best for you. We try to help make it a little simpler and help you understand the types of current accounts out there for you.
What is a current account?
A current account is a bank account where you can put money in (deposit) and take money out (withdraw). There are a number of different ways you can deposit and withdraw money; you can bank online, over the phone or in branch. You can also set up direct debits to make regular payments automatically.
How to switch current accounts
Switching current accounts is being made easier - you can now switch your current account provider within 7 days and choose a day that suits you. To switch you just need to contact the provider of the current account you want to switch to and they will take care of the rest.
All existing payment arrangements (salary, direct debits and standing orders) will be transferred automatically from your old account to your new account. And don’t worry if you have any money in your old account come switching day, this will be transferred to your new account on the switch date.