When it comes to money, let’s face it: most of us are pretty clueless. It’s not entirely our fault, however. With work, college or children to worry about (or possibly a soupy combination of all three) most of us don’t have the time to put our banks under the microscope, let alone sort the wheat from the chaff.
While on the surface of it, most banks seem pretty identical, that isn’t always the case. How much you could save really depends on your personal income and expenditure, and then finding a current account that benefits you.
Here at MyVoucherCodes, we’re always looking to save you time and money. With that in mind, we’ve rounded up some of the most popular current accounts available, so you can find out which one is right for you.
Nationwide Flex Account
The Nationwide FlexDirect account is a great choice for everyday banking. With a competitive rate of 5% AER, you could get up to £125 a year when you have £2,500 in credit. What’s more, with an interest-free overdraft for 12 month, and charges of only 50p each day thereafter, it’s a fantastic choice.
Pros: Nationwide promises to move all Direct Debits within 10 working days. What’s more, they will also pay £100 compensation if they fail to do so. You’ll also get free Multi-trip European travel insurance with a flex account debit card, as well as up to 50% off popular shopping brands.
Cons: To be eligible for free European Travel cover, you must have at least £750 in credit every month, excluding internal transfers.
First Direct 1st Account
The First Direct 1st Account is a great choice for everyday banking. There’s a great deal of security, too. First Direct will offer you a £100 incentive to switch, and a further £100 if you you’re unhappy after six months. There’s also a £250 interest-free overdraft, which arrives as standard.
Pros: First Direct will give you up to £125 cash-back when you switch, exclusive to moneysupermarket.com. What’s more, if you’re unhappy with the service (did we mention the lovely iPhone app?), or wish to switch to another bank within 12 months, First Direct will give you an extra £100 to move.
Cons: You must pay in at least £1,000 each month, and there’s no interest paid on balances in credit, either.
Santander 123 Current Account
The Santander 123 Current Account is a great choice for those who want benefits with a minimal monthly fee. With an interest of 3% AER when your balance is £3000-£20,000, it’s a great choice for those who want more from their current account.
Pros: With Santander, you’ll receive cashback and interest every month, each year. You’ll also get interest on your account balance, as well as cashback on household bills and Santander mortgages.
Cons: As well as a £2 monthly account fee, there is an arranged overdraft of only £1 per day, capped at 20 days in a monthly period. You must also pay in £500 each month, manage 2 direct debits and have a minimum of £1,000 in funds to accrue interest.
Barclays Bank Account
The standard Barclays Bank account is a fantastic choice for those who want a straightforward, albeit personalised experience. With a competitive overdraft rate of 19.3% pa (variable) up to £5,000, it’s certainly handy for life’s little emergencies. What’s more, with contactless debit cards, the Barclays Bank Account can keep up with your busy lifestyle.
Pros: The Barclays Bank Account lets you to personalise your account with a collection of Packs that cover your home appliances, electronics and so much more. They also boast contactless debit cards, a Ping it App, Text Alerts, E-statements and customisable Debit card.
Cons: Packs start from £6 per month.
NatWest Select Account
The NatWest Select Account is perfect for those who want simplicity and accessibility. With free phone, online and mobile banking app, you can always keep track of your money. There are absolutely no monthly account fees, and you’ll also get fraud alerts, so your money is always safe.
Pros: With NatWest you will receive free phone, online and mobile banking, with a dedicated mobile banking app. Emergency Cash functionality & ‘Get Cash’ via mobile app. No monthly account fee. Fraud and unauthorized activity alerts.
Cons: An overdraft rate of 19.89% if you go over your agreed overdraft limit.
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