- Manage your income and expenditure
- Easily set up Direct Debits and standing orders so you never miss a bill
- Shop in store and online using your debit card
- Track spending and set spending limits with your bank's app
Pros and cons of current accounts
Need more help?
How do I choose the best current account?
Choosing the best current account depends on your circumstances and what you need from the account. For example, if you’re often in credit, you might want to consider a high interest account. Or if you use your overdraft, you might want to consider an account that charges less for using it.
Do I have to pay for a current account?
No, you don’t have to pay for a standard or basic current account. There are some accounts available that offer different benefits for a charge - but it’s up to you to decide if that’s the best option.
How do overdrafts work?
An overdraft facility allows you to keep spending even when your balance reaches zero. The bank assesses your circumstances and authorises a pre-approved amount which means you don’t need to ask each time you need to use it. The bank charges interest, usually daily, for any amount used. You have the flexibility to pay back what you can when you can but they can be expensive if not paid off in full each month. Most overdrafts are the same, but some banks may offer varying interest rates. Others might even offer fee-free overdrafts up to a certain amount.
Does switching my current account affect my credit score?
Switching your current account shouldn’t affect your credit score directly. But if the account comes with an overdraft facility then it shows on your credit report, as an overdraft is a type of credit. This means your circumstances are assessed prior to approval. If you mismanage your account, such as by going over your authorised overdraft limit, then it could affect your score.
Can I get a current account with bad credit?
Yes you can usually get a current account with bad credit. You may be offered a Basic Account for day-to-day banking. These accounts don't come with any additional features.
Are there any penalties if I switch my current account?
No, there are no penalties for switching accounts and you can do so as often as you like.
Can I have more than one current account?
Yes, you can have more than one account. But if you apply for multiple accounts in a short period of time then it may harm your credit score.
How can I see my transactions?
You can usually see your transactions online or via your bank’s app. You can also request paper statements to be sent via post if you prefer.
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