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Best bank accounts
Get up to £200 to switch, up to 7% interest or up to 1% cashback
If you're unhappy with your bank, switching to a new one is quick and easy these days – and now's a great time to do it as banks are currently offering up to £200 free 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.
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.
We've full details of the three switch offers currently available below.
Important: The account you're switching from must be with a different bank from the one you're switching to.
Service rating: 62% 'great'
RBS Reward*
- Minimum pay-in: £1,250/month (none for the Select account) |
Switchers get £200 FREE cash, plus up to £36/year cashback.On top of the upfront switch cash, NatWest Reward* and RBS Reward* give £3 every month you use their app and pay out two £2+ direct debits (it's £5/month, but with a £2 monthly fee). Or if you just want the £200, you can switch to the fee-free NatWest Select*, RBS Select* or Ulster Select accounts.
Who can get the bonus?
- Open the account online or in-app |
Service rating: 90% 'great'
Account info: |
FREE £175, TOP service, 7% saver 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.
How to get the £175 bonus: |
Service rating: 53% 'great'
Account info: - Minimum pay-in: £1,500/month (to avoid a £3/month fee) - Overdraft: 39.9% EAR variable (six months interest-free if you switch) |
FREE £175 + monthly rewards.Switchers to the Halifax Reward get a free £175, plus each month you can choose between £5 cash, a Vue cinema ticket, two Rakuten TV movie rentals, or three digital magazines (such as Men's Health, Cosmopolitan). You must choose in advance and your choice is fixed for a year.
To get the reward, each month you must: pay in £1,500+, stay in credit, and EITHER spend £500+ using the debit card OR keep £5,000+ in the account at all times.
Who can get the bonus? You can't have had switch cash from Halifax since April 2020.
How to get the £175 bonus: - Open the account online - Switch in an account from a different bank (must start the switch by Mon 3 April) - Once the switch completes, wait 3 days for the £175 |
All have Financial Services Compensation Scheme savings protection of up to £85,000. First Direct's is shared with HSBC, and NatWest's is shared with Ulster Bank. Our service rating is from our January 2023 poll of 4,000 people.

Top bank accounts for longer-term rewards
Service rating: 53% 'great'
Account info: - Monthly fee: £3 - Minimum pay-in: £500/month |
Get 1% cashback on bills and supermarket / travel spending (£3/month fee).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 (£17 after the fee).You also get a linked 4% easy-access saver where you can put up to £4,000 (this can't be opened jointly). To get the interest and cashback, you must pay in £500+/month and have 2+ direct debits. If you have high energy/water bills and/or a Santander mortgage, the 123 account is worth a look as it may earn you more cashback... even though it has a higher monthly fee. |
Service rating: 94% 'great' - Minimum pay-in: None - Overdraft: None |
Get 1% cashback on most purchases, no fees to spend/withdraw cash abroad, plus 3% interest.The app-only Chase current account* gives a top rate of cashback on most debit card spending – make sure to activate it in-app (to use Chase, you'll need a device with iOS 14.1 or later / Android 8.1 or later). Cashback's unlimited and requires no minimum pay-in for the first year – after that you'll have to pay in £500+/month (from April 2023) and the cashback is capped at £15/month.The debit card is fee-free to use overseas, plus you get access to a linked saver paying 3% – close to a best-buy for easy access – and a 'round-up' account paying 5% (so spend £1.45 and 55p is saved in the 5% account). |
Next best accounts that offer cashback | |
Get £5/month when you: TABLE_CELL_STYLE |
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Service rating: 62% 'great'
Service rating: 46% '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.
Plus, you can currently get £200 FREE cash if you switch.
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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 JP Morgan, and NatWest's is shared with Ulster Bank). Our service ratings are from our January 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. For comparison, the top easy-access savings deal open to all pays 3.4%.
Top bank accounts for interest
Service rating: 36% 'great' - Interest: 5.12% AER variable |
5.12% interest on £5,000 – though there's 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 (year 1); 0.25% after - 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 0.25% 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 0.25%.
Until 30 April, you also get 5% cashback if you use the debit card at supermarkets (max £10/month back). |
Kroo* - Interest: 3.03% AER variable (max £85,000) - Minimum pay-in: None |
3.03% interest from new app bank Kroo (3.33% from 1 April).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 saver 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: 94% 'great' - Interest: 3% AER variable (linked account, max £500,000) - Overdraft: Not available |
3% interest, 1% cashback + 5% 'round-up' interest.Open a Chase current account*, then open the 3% savings account from within the app (needs iOS 14.1 or later / Android 8.1 or later). It's a decent rate, not too far off the best buys.
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All have Financial Services Compensation Scheme savings protection of up to £85,000. Our service ratings are from our January 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 for switching 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.
Until 30 April, you also get 5% cashback if you use the debit card at supermarkets (max £10/month back). |
Service rating: 91% '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 January 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: 78% 'great'
Account info: |
Get £500+/year of travel, mobile & breakdown cover for £156/year.The Nationwide FlexPlus 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 worldwide family travel insurance (£65/year extra if you're 70+). You also get UK & European breakdown cover for the account holder(s). See full 'what the insurance covers' info.
Plus, until 30 April 2023, you also get 5% cashback if you use the debit card at supermarkets (max £10 back per month). |
Nationwide has Financial Services Compensation Scheme savings protection of up to £85,000. Our service ratings are from our January 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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