Open a current account that suits your needs, in this review.
Best Current Accounts
What do I need to know to get a bank account?
The following items are often required when opening a bank account:
- Your name, nationality, contact information, birthdate, and national insurance number are all examples of personal information.
- Current utility or bank statements, mortgage or rent agreements, or council tax bills are all acceptable forms of proof of residence.
- Documentation of your identification, such as a passport or driver’s licence. A birth certificate may suffice as identification when opening a bank account for a minor or a student.
Can anybody open a bank account?
You’ll need to be at least 18 years old to open a bank account with most places, as well as a UK resident. There might also be other criteria, such as a minimum income requirement, depending on the account’s features.
How can I cancel my current account?
Normally, you can close your account by letting your bank know over the phone, in writing, or in person.
Why should I open a new current account?
If you are not getting the most out of your existing account, consider switching to a different provider that provides a lower overdraft rate or better perks. The Current Account Switch Service enables you to switch accounts within seven working days.
Should I notify my old bank that I have opened a new current account?
If you are using the Current Account Switch Service, your new bank will take care of everything so you won’t need to notify your old bank of the switch.
When I move current accounts, what will happen to my recurring payments?
The Current Account Switch Service will redirect payments to your new account. Each time this happens, a message will be sent back to the payee to inform them of the new account details.
Could I have another person join my existing account?
Yes, many bank accounts let you add another person to the account, though it’s best to check. Both of you will likely need to provide proof of ID.
Where can I find instructions on updating my profile information?
In most cases, you may update your account information by filling out a form or visiting a branch. Ask your bank or look them up online to see what documentation is required to change your name or other personal information. If you are changing your name due to marriage, you will need to bring in a marriage certificate or an updated birth certificate.
What happens if my bank fails?
The Financial Services Compensation Scheme protects deposits of up to £85,000 per person, per banking institution. This means you should get your money back if your bank goes bankrupt. This applies to all banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). It doesn’t apply to e-money institutions.
APR and AER... what do they mean?
The interest you receive on your savings account balance is expressed as an AER, which stands for Annual Equivalent Rate. The interest rate you will pay each year on a loan or credit card is expressed as an APR, or annual percentage rate.
May I open several current accounts?
You may open as many current accounts as you want. However, you will need to be sure you meet any eligibility requirements, such as paying in a set amount each month.
Having a second account with a spouse or roommate might be useful when splitting large expenses like rent, mortgage, and utilities. You could have one account for day-to-day expenses and another for savings if you create a second current account.
However, it’s best not too apply for lots of accounts in a short space of time as this can hurt your credit rating.
How secure is my money in a current account?
Your current account balance, up to £85,000, is protected by the Financial Services Compensation Scheme if it’s kept with a bank, building society, or credit union licensed to operate in the United Kingdom. Joint bank accounts provide protection of up to £170,000 for two people.
What are the most recent incentives for changing banks?
When you compare with us, you will discover current account switching deals. You may filter the results by the amount of money you would get if you switched banks by clicking on the “switching incentive” option.
Does opening too many current accounts at once lower my credit score?
Credit checks are often carried out when you open a current account. Each time this happens, your credit score will temporarily drop, so if you apply too often this can have a negative impact on your credit history.
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