Let’s compare current accounts
Choosing a current account might not be something you invest too much time in, perhaps you bank where your parents did or simply upgraded your student account to a graduate account and didn’t bother to see what else was on offer and switch.
Current accounts are typically used for everyday banking; where your wages get paid into and where you have an overdraft facility (which you won’t get on a savings account); you might even get a chequebook (remember them).
Pretty much anyone can open a current account so unless you’ve been really naughty – there’ll be one for you. Whether you’ve got no credit history (or not a very good one) and need a basic account or, if you just want more for your money, opt for an account that gives you extras like insurance. Whatever you need, we can help you right here at comparethemarket.com– so let’s compare.
Why compare current accounts with comparethemarket.com
We let you quickly find accounts based on interest rate, overdraft detail and additional account features.
We’ll show you various account options including standard accounts, packaged accounts, student accounts, graduate accounts or basic accounts (don’t worry, these are explained below). So compare your options with us today.
What do you need to compare current accounts?
Nothing, you can start comparing accounts straight away.
It is also worth thinking about how you plan to use your current account. Consider your money flow - what amounts you estimate putting in and taking out each month. Will you need an overdraft? Do you move money often? These sorts of things will help you narrow down your options and help you find the current account with the right features for your lifestyle.
What type of current account is right for me?
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 additional extras on top of what’s 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 so weigh up the benefits vs the fee and make sure it works for you.
Student 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.
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. 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.
What else should I consider when comparing current accounts?
Interest rates (AER). The Annual Equivalent Rate (AER)is the variable interest rate on your account when your balance is in credit. It shows how much interest you will gain at the end of the year. Our rates are based on you having £1,000 of credit in your account. This is worth considering to find an account with the best saving rate.
Account Fee. This is how much you will be charged on a monthly or yearly basis for using the account.
Overdraft Detail. This is how much you will be charged for using the account’s overdraft – based on being £500 in debit. Certain accounts are more generous with their overdraft policies than others. If you often find yourself overdrawn at the end of each month, pay close attention to the related charges.