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Best bank accounts
Get up to £200 to switch, up to 8% interest or up to 1% cashback
If you're unhappy with your bank, switching to a new one is quick and easy – right now you can get £200 in upfront cash for your custom. Yet you don't always need to switch to get a good deal – other accounts give cashback on spending or bills, or pay decent savings interest. This guide explains it all and helps you compare the top-pick accounts.
Other top MSE banking guides...
Packaged accounts: Save £100s on insurance
Need a business bank account?: For the self-employed
Basic bank accounts: For those with poor credit histories
Digital banking: Learn about app-based banks
What is a current account?

A current account is a type of bank account that keeps your money secure and helps you manage your finances. They give you an easy way to make payments to others (for example, standing orders and direct debits) and let people pay you (for example, your employer). You'll also get a debit card, which allows you to make payments and withdraw cash from a cash machine.
While you may use other money products, such as credit cards or savings accounts, it’s generally your current account that lets you make payments into each one, or pay bills, meaning everything works smoothly together.
Is my money safe?
Your money is secure – the Financial Service Compensation Scheme guarantees up to £85,000 per person, per financial institution. This means that if your bank ever went bust, you would be guaranteed your money back (up to £85,000).
How do I open a current account?
Opening a current account is an easy process. The simplest way is to complete an application form online, though many banks do allow you to open an account in person or over the phone if you prefer. The application form will ask you a number of questions regarding your personal and financial circumstances, and usually takes around 10 minutes to complete. Sometimes there could be extra steps – such as supplying ID or payslips – although this is rare.
You will also need to agree to the bank credit-checking you when you apply, regardless of whether or not you request an overdraft. This is because most banks use information from the credit reference agencies to confirm that you are who you say you are. This may seem unnecessary, but banks are legally bound to ensure they do not facilitate money laundering, and establishing a customer's true identity helps them to do that.
For full information on setting up an account, head to our How to open a bank account guide.
Bank account need-to-knows
There are a few points you need to think about when choosing a new bank account to ensure you make the right selection:
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Top bank accounts that pay free cash for switching
To qualify for switch bonuses you must close and switch your old account using the Current Account Switch Service – you do this through the new bank you're switching to. The service automatically moves across all payments, direct debits and standing orders to the new account.
It's also worth downloading a few years' statements from your old bank before switching – just in case you need them in the future.
Important: You must use the official Current Account Switch Service (CASS) to qualify for these offers (see which banks are signed up). Also, the account you're switching from must be with a different bank to the one you're switching to.
Nationwide FlexDirect
Account info: - Minimum pay-in: None (£1,000+/month to get the interest) - Interest: 5% AER fixed for a year (1% AER variable after) |
New. FREE £200, 8% regular saver and a year's 0% overdraft.On top of the free cash, newbies switching to the Nationwide FlexDirect get access to a regular savings account paying 8% interest on up to £200/month, a year's 0% overdraft on up to £1,500 (credit-check dependent) and, if you pay in £1,000+/month, the current account pays 5% interest on up to £1,500 for a year.
PS: You can also switch to the FlexPlus (a top-pick for insurance), or to the no-frills FlexAccount.
Who can get the bonus? You can't have had a switch bonus from Nationwide since 18 August 2021.
How to get the £200 bonus: - Open the account online or in-app. - Switch in an account from a different bank, including 2+ direct debits. |
TSB Spend & Save* - Overdraft: 39.9% EAR variable (unarranged is max £30/month) |
New. FREE £150, plus £10/month cashback for six months.Switch to the TSB Spend & Save* and you'll get £150 in switch cash, plus £10 cashback each month you spend on the debit card 20+ times for the first six months.
How to get the £150 bonus: - Open the account online, in-app or in branch. |
First Direct 1st Account*
Account info: - Overdraft: 39.9% EAR variable (0% up to £250) |
FREE £175, TOP service, 7% regular saver, fee-free overseas spending and a £250 0% overdraft.In addition to the free switch cash and top service, First Direct's 1st Account* gives you access to a linked regular saver which pays 7% interest on up to £300/month, and many get an ongoing £250 0% overdraft. The debit card is also fee-free for overseas spending and ATM withdrawals.
How to get the £175 bonus: |
Service rating: 43% 'great'
Account info: - Minimum pay-in: £2,000/month (£3/month fee otherwise) - Overdraft: 27.5% EAR variable (first £50 is at 0%) |
New. FREE £175, plus choose a reward from 12 months of Disney+, six cinema tickets, a Coffee Club & Gourmet Society membership or a magazine subscription.On top of the upfront switch cash, the Club Lloyds account gives you the choice of one of the above rewards each year. Do note there's a £3/month fee unless you pay in £2,000+ a month. You also get access to a linked regular saver paying 6.25% fixed interest on up to £400/month.
Who can get the bonus? - You can't have had switch cash from Lloyds or Halifax since April 2020.
How to get the £175 bonus: - Open the account online, by phone or in branch - Switch in an account from a different bank by 14 November. -The £175 is paid within 3 working days of the switch completing. |
All have Financial Services Compensation Scheme savings protection of up to £85,000. First Direct's is shared with HSBC. Our service rating is from our July 2023 poll of 4,000 people.
Other non-standard switching offers
Co-op Bank: if you refer someone (or someone refers you), you BOTH get £125. Co-op Bank had a similar switch offer earlier this year, but to qualify this time you've got to jump through a lot more hoops – see the two options below, or Co-op's refer-a-friend webpage for full info. The person being referred can't have held a Co-op Bank or Smile current account since 1 Nov 2022.
- Know someone with a Co-op current account? To get the free cash, first open and switch to either Co-op's current account or Everyday Extra account. Once the account's open, you must pay in £800+, have 2+ direct debits, make 5+ payments using the debit card and register for online banking (all within the first 60 days).
Once you've got a confirmed switch date, you must also fill in a referral form – you'll need to know the full name and email address of the person who's referred you, as well as the sort code and account number of their Co-op current account.
Once all the above has been done, the £125 will be paid into both accounts within 90 days of the account having first been opened.
- Have a Co-op current account? If you've a Co-op current account already, you can refer friends yourself, with no limit to how many referrals you can make.
Anyone you refer will need to open and switch to one of the accounts above, meet all the qualifying criteria, and fill in the referral form with your details.
Top bank accounts for longer-term rewards
Service rating: 55% 'great'
Account info: - Monthly fee: £3 - Minimum pay-in: £500/month |
Get 1% cashback on bills and supermarket/travel spend (£3/mth fee) and no fees to spend/withdraw cash abroad.With the Santander Edge you get 1% back on water, energy, council tax, mobile, phone, broadband and paid-for TV bills, as well as 1% on most supermarket and travel spending. You can earn up to £10/month for each – so £20/month max.
You get a linked 7% easy-access saver (max £4,000, can't be opened jointly), plus the debit card is fee-free for overseas spending and ATM withdrawals. To get the interest and cashback, you must pay in £500+/month and have 2+ direct debits.
Got high bills and/or supermarket/travel spend? The Edge Up could be worth a look as it gives up to £15/month back for both, though there's a higher £5/month fee and you can't open the 7% easy-access saver with this account. |
Service rating: 93% 'great' - Minimum pay-in: None - Overdraft: None |
Get 1% cashback for at least a year, no fees to spend/withdraw cash abroad, plus 4.1% interest.The app-only Chase current account* gives a top rate of cashback on most debit card spending (max £15/month), though there are some exclusions. There's no minimum pay-in required in the first year, but you'll have to pay in £500+/month after that to continue getting cashback. To use Chase, you'll need a device with at least iOS 14.1 or Android 8.1.
The debit card is fee-free to use overseas, plus you get access to a linked saver paying 4.1% – a decent rate, though it can be beaten – and a 'round-up' account paying 5% (so spend £1.45 and 55p is saved in the 5% account). You also get 1% interest on the balance in the current account – a nice boon, though not a table-topping rate. |
Next best accounts that offer cashback | |
Get £5/month when you: Pay in £1,500+/month (there's a £3/month fee and you won't get the £5 if you don't), stay in credit and either a) spend £500+/month on your debit card OR b) keep a constant £5,000+ in your account each month. |
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Service rating: 44% 'great'
Service rating: 38% 'great'
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Get up to £3/month when you: Pay in £1,250+, pay out 2+ direct debits of £2+ and log in to its mobile app each month. You get £5/month back, but there's a £2/month fee.
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All have Financial Services Compensation Scheme savings protection of up to £85,000 (Santander's is shared with Cahoot, Chase's is shared with JPMorgan, and NatWest's is shared with Ulster Bank). Our service ratings are from our July 2023 poll of 4,000 people.
Top bank accounts that pay savings interest
You don't have to switch to the accounts below to get the interest. And for comparison, the top easy-access savings deal open to all pays 5.1%.
Top bank accounts for interest
Service rating: 30% 'great' - Interest: 5.12% AER variable |
5.12% interest on £5,000 – though there are a few hoops to jump through.If you open a Barclays Bank Account and then join its Blue Rewards scheme, you can then apply for the linked 5.12% Rainy Day Saver account. You can pay in more than £5,000, but anything above will get just 0.15% interest.Blue Rewards requires you to pay £800+ into the current account, sign up to online or mobile banking and pay a £5/month fee (though it pays £5 cashback each month you pay out 2+ direct debits – so the fee is essentially waived). |
Service rating: 78% 'great' - Interest: 5% AER fixed in first year, then 1% (max £1,500) - Minimum pay-in: £1,000/month |
5% fixed interest – but it's only for a year.The Nationwide FlexDirect account pays a decent 5% in-credit interest on up to £1,500 (nothing above), but the rate drops to 1% after a year, so look elsewhere then as it can be beaten. The 5% interest is only for FlexDirect newbies – if you've had this account before you'll get just 1%. |
Kroo* - Interest: 4.35% AER variable (max £85,000) - Minimum pay-in: None |
4.35% interest + £10 Amazon voucher from app bank Kroo.Kroo* pays a rate close to the top easy-access rates, but unlike the others in this section, it's paid on your current account balance, rather than on a linked savings account.
Plus, you can get a £10 Amazon voucher if you open the account via our link and deposit £50+ within 30 days. You'll get an email with claim instructions within 60 days of opening the account.
Kroo may be an unfamiliar name, but – like all banks in this guide – it has the full UK savings safety protection, so anything under £85,000 is protected by the Financial Services Compensation Scheme. |
Service rating: 93% 'great' - Interest: 4.1% AER variable on the linked savings account (max £500,000), 1% AER variable on the current account (no max) - Overdraft: Not available |
4.1% interest, 1% cashback + 5% 'round-up' interest.Open a Chase current account*, then open the 4.1% savings account from within the app (needs at least iOS 14.1 or Android 8.1. It's a decent rate, though it can be beaten.
You also get fee-free spending and withdrawals abroad, 5% interest on small amounts through its 'round-up' feature, and 1% interest on the balance in your current account – a nice boon, though not a table-topping rate.
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All have Financial Services Compensation Scheme savings protection of up to £85,000. Our service ratings are from our July 2023 poll of 4,000 people.
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Top accounts if you're overdrawn
Overdrafts are debts – one of the most expensive. Don't just tackle the symptoms of your overdraft, though – it's important to try to pay it off. See our full Cut overdraft costs guide for help with this.
These accounts could help you cut costs over the long term, though do remember that you're not guaranteed to get an overdraft when you apply. We've included info on how to find banks' overdraft eligibility checkers, which should help you find out if it's likely before you apply.
Service rating: 90% 'great'
Account info: - Minimum pay-in: None |
Ongoing £250 interest-free overdraft and TOP service.First Direct's 1st Account* offers many a £250 0% overdraft, though it's not guaranteed – use its eligibility checker before applying (just scroll down the page to the 'how do overdrafts work' section and it's linked from there). Expensive interest kicks in above that, so this account's likely only good for you if use your overdraft for limited amounts. PS: You can get a FREE £175 if you switch over an existing account.
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Service rating: 78% 'great' - Minimum pay-in: None |
A year's interest-free overdraft, with a limit up to £1,500.Newbies to the Nationwide FlexDirect account can get a 0% overdraft for a year (though it's credit-check dependent). To see if you'll likely be accepted, use Nationwide's eligibility checker before applying (scroll down past the purple box about the app to the overdraft section, then click the third link for the overdraft eligibility tool). After a year you'll start paying a hefty rate of interest, so clear as much of your debt as you can by then. |
Service rating: 92% 'great' - Minimum pay-in: None |
No 0% overdraft, but a chance of a low interest rate.Starling Bank* has tiered overdraft rates, and all tiers are cheaper than most other banks. Plus, you can control your overdraft limit in its app, and set up spending notifications if you're about to go into (or are already in) your overdraft. The rate and limit you get depends on your credit score – use its eligibility checker before applying (it's hard to find, so we've included a link here). |
All have Financial Services Compensation Scheme savings protection of up to £85,000 (First Direct's is shared with HSBC). Our service ratings are from our July 2023 poll of 4,000 people.
Top bank account for insurance
Below is our top-pick packaged bank account which, for a monthly fee, offers various insurance perks. Always check if it's cheaper to buy the insurance elsewhere before applying, and for more options see Packaged bank accounts.
Service rating: 41% 'great'
Account info: |
Get £500+/year of travel, mobile & breakdown cover for £150/year.The Virgin Money Club M has the lowest fee of our top-pick packaged accounts, and is especially good for families as you get cover for all family phones and gadgets, plus worldwide family travel insurance (max age 75). You also get UK breakdown cover for the account holder(s).
See full What the insurance covers info. |
Virgin Money has Financial Services Compensation Scheme savings protection of up to £85,000, shared with Clydesdale Bank and Yorkshire Bank. Our service ratings are from our July 2023 poll of 4,000 people.
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Cashback sites may pay you for signing up
As an extra boon, members of specialist cashback websites can be paid when they sign up to some financial products. Do check that it's exactly the same deal though, as terms can be different. And remember the cashback is never 100% guaranteed until it's in your account.
Full help to take advantage of this and pros and cons are in our Top cashback sites guide.
Want to complain about your bank account?
If your bank has charged you the wrong amount, taken the wrong amount in payment or its service has been atrocious, then you don't have to suffer in silence.
It's always worth trying to call the bank first to see if it can help, but if not, you can use free complaints tool Resolver. The tool helps you manage your complaint, and if the company doesn't play ball, it also helps you escalate your complaint to the free Financial Ombudsman Service.
Bank account FAQs
Here are some common bank account related queries. If you've got a question we've not answered below or in the text above, suggest a question in the MSE Forum.
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