Compare Current Accounts

If you are looking for a bank account then choosing the right one can be a difficult decision due to the sheer number of accounts available.  There are literally hundreds of bank accounts for you to choose from provided by dozens of traditional high street banks and building societies, and online only banks.

While many accounts are very similar, some offer special features that others do not – so it is important that you review and compare bank accounts before applying to set one up.  Whether you are looking for your first bank account or looking to switch accounts, UKfinancemarket.co.uk can help you find the right bank account for you.  In this section you will find reviews of bank accounts featuring links to apply online.

Compare Current Accounts:

Provider	Overdraft (EAR%) typical	Key Feature(s)	More Info
Barclays Additions Active Account	First £300 interest free 12.9% above £300	• Breakdown cover provided by RAC • Mobile phone insurance • Worldwide annual multi-trip travel insurance for you and your family
Barclays Bank Account	19.3%	• No monthly fee • Overdraft facility available • Access to telephone and online banking
Barclays Current Account Plus	First £300 interest free 16.9% above £300	• Annual benefits worth £90 for £3 monthly fee • Access to telephone and online banking • Identity theft support advice helpline
HSBC Current Account Advance	19.9%	• Online banking • Access to HSBC’s Regular Saver Account • Indentity theft assistance includes one FREE online credit report each year
HSBC Plus Bank Account	17.9%	• Preferential rates/discounts on other HSBC products • Worldwide family travel insurance • RAC breakdown cover • 24/7 ID theft / personal security helpline

Overdraft EAR % will change from time to time - visit account provider's website for up to date info

Current Account Reviews:

Barclays Additions Active Account	Barclays Bank Account
Barclays Current Account Plus	HSBC Current Account Advance
HSBC Plus Bank Account

What is a bank account and why have one?

Having a bank account can help you on day-day to matters such as paying your bills, receiving your salary securely from your employer and keeping a note of where your money is going.  You usually earn interest on any funds held in your bank account.

There are three main types of bank account available for consumers in UK.  The type that will right for you will depend on your circumstances and requirements:

Basic bank account

Having a basic bank account enables you to manage your day-to-day living and money.  Basic bank accounts don’t usually have an overdraft facility and have very limited features.

Current account

Like a basic bank account, but with additional features that will appeal to most consumers, such as an overdraft facility.  The rate of interest payable on current accounts is usually very low.  As such, current accounts shouldn’t really be used for those consumers looking to save.

Savings Account

A savings account (sometimes known as a deposit or notice account) is useful for those consumers looking to save money for things like a car, holidays, clothes or furniture.  A savings account can also be useful for saving up an emergency fund for rainy days – if you leave emergency funds in your current account there might be the temptation to spend it.  Savings accounts typically pay a higher rate of interest that basic or current accounts.

Does it cost any money to have a bank account?

Presently, consumers do not normally have to pay to have a bank account if they always remain in credit and have money in the account.  However, you may be charged by the bank if you go overdrawn – this means spending more money than you have available in the account.

Some banks offer current accounts where if you pay an ongoing monthly fee they provide a range of additional benefits and extra not available with the standard account.  For instance, payment of the monthly fee may entitle you to, amongst other things, savings and discounts on that bank’s other products, travel insurance, car breakdown cover, cheaper overdrafts and 24 hour advice and help lines.

Whether having a monthly fee current account represents value for money will depend on your circumstances.  For instance if you already pay for and have breakdown cover, travel insurance and hardly ever go overdrawn then it is arguable whether you need such an account becasue you will be paying for features and benefits you already have. 

On the other hand, if you frequently go overdrawn and don’t have any of the benefits and features offered by the account then the monthly fee could represent value for money.