Top 10 UK Bank Current Accounts with Benefits

In a world that is rapidly turning cashless, we have put together this guide of the current Top 10 everyday bank accounts within the UK. This guide is based on our opinions of current products on the market and we advise that you should always check the small print to ensure a product is right for you. All accounts are available as of August 11th 2019.

Will I need to spend hours changing all my banking details over?

In short, no. The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments within 7 working days. This means you can sit back and relax knowing that this is one less job to do!

Best paying interest current accounts

With Nationwide Flex Direct customers can get an interest rate of 5% AER fixed for a year on up to £2,500, as long as you haven’t had a FlexDirect account before and pay in £1,000 per month. The rate drops to 1% after a year so you might need to switch then if there are better deals around. If a friend with this account refers you for one you’ll both get £100 providing you have two direct debits leaving the account on a regular basis.

The TSB Classic Plus Account is free and offers 3% interest on balances up to £1500. Perfect if your wages are being paid into the account as you’ll need to be paying in £500 monthly. If a friend with this account recommends you for this account you’ll both get £75.

Best incentive current accounts

First Direct 1st Account – Free £50, 5% linked savings account and £250 0% overdraft (if eligible). To get the bonus you need to pay in £1000 within the first three months of opening. The account remains free to use so long as £1000 is paid in each month, so if you are on a salary of £12500 per annum you’ll be fine to keep the free status of the account.

M&S is probably not the first company you think of when looking for a bank account but with its current offer, it is worth a look. Successful applicants can get a £180 gift card when they switch and stay. You’ll also get access to a 5% AER gross fixed rate for 12 months with the M&S Monthly Saver if you switch to using the Current Account Switch Service and have two active Direct Debits.

This HSBC Advance account is better for those on a higher salary or joint salary of £25,900 per annum as it needs a minimum monthly pay in of £1750. However, you can get £175 for switching by using this money.co.uk link. Users are also eligible for a linked 5% savings account.

Best App-Based Current Accounts

Monzo tops this sector for us, especially as it is free to use abroad up to £200. Monzo is a member of the FSCS so your money is safe with them up to £85,000. Users are able to pool money resources with friends and family, view money spent in each retail or utility sector and share tabs for nights out or holidays. The app is super intuitive and humans are available to talk to should you need some help!

Best Cashback Bank Accounts

Santander offers up to 15% cashback on High Street purchases (including Vue, Costa and Morrisons) with an Everyday Current Account. No monthly fees are applicable with this account and arranged overdrafts are available.

The 123 Account by Santander does have a monthly fee of £5, however, if you are regularly paying larger household bills and shopping on the high street you’ll likely easily make this back and more. Interest is paid at 1.5% on balances of up to £20,000.

The Santander 123 Lite Account gives tiered cashback on certain household bills for a £1 monthly fee. This is good for those with smaller monthly bills or a Santander mortgage. To get cash back, you need to pay in £500 per month, have two active direct debits, pay your monthly fee and log in to online or mobile banking at least once every three months.

The Natwest Reward Account pays 2% cashback on council tax, gas, electricity, water, home phone, mobile, TV and broadband bills, as long as you pay by direct debit, pay in £1,500 per month and log in to online or mobile banking every three months. The cost is £2 per month so if you have a salary of £21,500+ per annum this account could work better for you than Santander’s 123.

Disclaimer
This page includes general information and not a recommendation to act. Please seek independent investment or banking advice before entering into any financial transaction and ensure you are clear of the terms and conditions of the transaction.