What is the current account?
A current account is great for managing your day-to-day money. You can receive regular payments such as wages, benefits, tax credits or pensions into your account, and set up payments out of your account in whatever ways you find convenient.
Types of current account:
Standard Current Accounts: cheque-books, cash and debit cards, overdraft facilities and monthly or quarterly bank statements, often with internet access and telephone banking facilities
Accounts with Extras: such as travel insurance, roadside assistance, for a small monthly fee. Can include medical support for a larger monthly fee.
Simple Cash Accounts: no cheque-books or internet or overdraft facilities
Accounts for High Earners: come with personally tailored options and a high level of personal support from the bank
Graduate Accounts: usually good interest rates on overdrafts, loans and mortgages
Foreign Currency Accounts: for those needing frequent transactions in a currency other than sterling
Special Accounts: which cater for particular religious beliefs so that normal banking conveniences can be accessed without offending certain religious practices
Why take up Current Accounts?
💡 Write cheques
- Write cheques to pay bills and individuals.
💡 Receive payments
- Receive payments directly into your account.
💡 Set up Direct Debits
- Set up Direct Debits and standing orders to pay your bills.
💡 Transfer money
- Transfer money via telephone or online banking services.
💡 Withdraw cash
- Withdraw cash over the counter or from a cashpoint machine.
💡 Check your balance
- Check your balance using telephone or internet banking, at a cash machine or over the counter.
💡 Apply for an overdraft
- Apply for an overdraft allowing you to spend an agreed amount more than you have in your account.
💡 Pay cheques
- Pay cheques into your account – sterling cheques are free to pay in and take six business days to clear.
Who can have a current account?
Almost anyone can, depending on their credit history. People who have a bad credit history due to not payment of outstanding bills and loans, county court judgements against them or a history of fraud may find that they have fewer options open to them.
Who can provide me with a current account?
All the main high street banks offer a range of current accounts. Many of the building societies do also as well as most of the internet banks. A list of the main providers can be found below.
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