Current Accounts for Everyone

Current accounts are no longer a luxury for the wealthy, thanks to the introduction of basic bank accounts in the UK. Anyone can now open a current account, regardless of their financial situation.

These accounts are designed to be low-cost and low-maintenance, with no overdraft fees or minimum balance requirements. This makes them an attractive option for those who struggle to manage their finances.

With a basic bank account, you can still receive and send payments, pay bills, and check your balance online or by phone.

If you're in the market for a new current account, you've got options. KVB Ascent Current Account is a great choice for business banking, offering innovative digital banking solutions that are accessible from anywhere.

You can choose from a few different types of current accounts, including the Smart Business Current Account, Roaming Current Account Standard, and GEM Current Account. These accounts cater to different needs and preferences.

For a more detailed look, check out the Current Account Related Videos section, which features a video on UPI on ICICI Bank InstaBIZ app.

The Co-operative Everyday Extra is a great option for those who want a little extra from their current account. It's a £15 per month package that includes some fantastic benefits.

Annual worldwide family travel insurance is included, covering dependents up to age 22 in full-time education, with a maximum age of 80, although winter sports cover is capped at age 65.

Mobile phone insurance is also part of the deal, covering up to £1,500 for a handset and up to £350 for accessories like headphones if they're lost at the same time.

You'll also get RAC UK and European breakdown cover, which can be a lifesaver if you're on the road.

If you switch to the Co-op Bank, you can earn £75 for making the move, plus £25 a month for three months if you actively use the account. This offer is ending soon, so don't miss out.

The Co-operative Everyday Extra also includes some other perks, such as a free railcard with Trainline, giving you a third off eligible rail journeys in England, Scotland, and Wales.

Here are some key benefits of the Co-operative Everyday Extra:

Overall, the Co-operative Everyday Extra is a great option for those who want a little extra from their current account, and who value the peace of mind that comes with having some fantastic benefits included.

An overdraft is a way of borrowing money from your bank via your current account, and it's repayable on demand. If you don't repay what is owed, you could harm your credit score and borrowing capability.

There are two types of overdrafts: arranged and unarranged. An arranged overdraft allows you to go overdrawn up to an agreed limit, which is determined by a full credit check during the application process.

An unarranged overdraft occurs when you spend more money than you have in your current account without already having an arranged overdraft, or when you exceed your current arranged overdraft limit. This can lead to payments being rejected.

Interest is charged on both types of overdraft, with rates varying between providers. In some cases, unarranged overdraft interest rates can be as high as 27%.

Here's a breakdown of the interest costs for an arranged overdraft:

Keep in mind that these are just examples, and the actual interest cost will depend on the specific overdraft and provider.

If you're looking for a current account with travel insurance, you might want to consider Club Lloyds Silver, which offers annual UK and European family travel insurance up to the age of 65.

Some current accounts also offer mobile phone insurance, such as Club Lloyds Silver, which covers one phone for each account holder.

For those who don't have a car, a current account like NatWest Reward Silver might be a good choice, as it doesn't include breakdown cover.

You can also earn rewards with some current accounts, like NatWest Reward Silver, which offers £4 a month in rewards for setting up two or more direct debits.

Here are some common features you can expect to find in a current account:

Some current accounts also offer perks like cashback on purchases and bills, or exclusive rewards like 12 months of Disney+ with Club Lloyds Silver.

If you need to make international transactions, some current accounts offer fee-free debit card purchases abroad, like NatWest Reward Silver.

It's worth considering the fees and transaction charges when choosing a current account, as some banks charge for individual transactions.

If you're looking for a simple, fee-free account, you might want to consider an account with no monthly account fee, like the everyday current account mentioned in Example 10.

Banks charge a range of fees for various services, including monthly maintenance fees and ATM withdrawals. These fees can add up quickly, so it's essential to understand what you'll be charged before opening an account.

Some banks charge extra for setting up direct debits, lodgements, or in-branch counter services, with costs varying between providers. This means you should always check the terms before opening an account.

You'll be charged for any transaction that creates extra administration for the bank, including bounced cheques, replacement cards, and unauthorized overdrafts.

Expect to pay additional charges for spending abroad, which can range from €0.12 to €2.99 per transaction, depending on the account provider.

Government Stamp Duty is charged at a rate of €0.12 per ATM transaction in Ireland, with a cap of €2.50 per year for debit card users who only make ATM transactions. For those who use their debit card for both ATM transactions and purchases, the cap is €5.

Here's a breakdown of the types of overdraft charges you might incur:

All current account providers charge interest on overdrafts, with rates ranging from 11.85% to 27% for unauthorised overdrafts and 11.85% to 15.55% for arranged overdrafts.

The interest cost of using an overdraft can add up quickly, with a £500 arranged overdraft costing £3.24 in interest over 7 days, £13.87 over 30 days, and £28.13 over 60 days.

Opening a bank account is a straightforward process, and you can do it online or in person with most banks.

Some banks still allow you to open an account in person, but if you prefer, you can also do it online.

The Central Bank Switching Code ensures that switches have to be completed by the bank within 10 working days, making the process hassle-free.

To switch your current account, you'll need to provide the details of your old bank account and choose a start date for the switch.

The Current Account Switch Service will do all the work for you, moving everything across from your old account to your new account within 7 working days, including Direct Debits and standing orders.

Note that the Current Account Switch Service can't switch savings accounts or ISAs, and other products with your old bank won't be moved at the same time.

The Club Lloyds Silver account is a great option for those who want to save money and get some extra benefits. It costs £11.50 per month, plus a £3 a month Club Lloyds fee, which is waived if you pay in £2,000 or more each month.

This account includes annual UK and European family travel insurance, covering you up to the age of 65, as well as children up to 18 or 24 if in full-time education. Mobile phone insurance is also included, covering one phone for each account holder.

You'll also get AA breakdown cover, which covers family members travelling in any car as driver or passenger. Plus, you can choose a "lifestyle benefit" each year, such as 12 months of Disney+, six cinema tickets, or an annual digital Coffee Club membership.

If you switch to this account, you can receive £200, provided you move across three active direct debits using the Current Account Switch Service. This is a great incentive to make the switch, especially if you're looking to save some money.

Opening a current account in multiple cities can be a challenge, but KVB's Multi-City Account makes it easier. This account is designed for businesses with operations in several cities across the country, offering affordable balance requirements.

With KVB's Multi-City Account, you can enjoy various concessions based on the Monthly Average Balance maintained in the account.

The account allows you to manage your business finances across different cities, providing a convenient and organized way to keep track of your expenses and income.

KVB's Multi-City Account offers benefits at affordable balances, making it a great option for businesses with multiple locations.

Opening a bank account can be a straightforward process. You can choose to open an account online or in person at a bank branch.

Some providers offer online-only accounts, but most main banks still allow you to open an account in person. To open a current account, you'll need at least one document as proof of identity and separate documents for proof of address.

If you're opening an account online or via an app, you may need to provide more than one piece of evidence and a Photo ID. This is a good opportunity to ensure you have all the necessary documents in order.

To open a RERA Current Account, you'll find it's designed especially for RERA registered residential or commercial projects. This account comes with zero charges for opening and simplified documentation for opening an account.

Here are the benefits of a RERA Current Account at a glance:

Switching your current account is a relatively straightforward process, and it's reassuring to know that there are guarantees in place to ensure a smooth transition. The Central Bank Switching Code requires banks to complete switches within 10 working days.

This includes the transfer of all direct debits and standing orders, so you won't miss any payments. You can rely on this code to take the hassle out of switching.

To initiate the switch, you'll need to provide the details of your old bank account and specify when you want the switch to start. This is a one-time task, and you can sit back and let the Current Account Switch Service do the rest.

The switch will be completed within 7 working days, including the transfer of direct debits and standing orders. You can expect a seamless transition, with minimal disruption to your finances.

Here are the key things to keep in mind: