Tips to Choose Top Current Accounts in the UK

The choice of the best current account depends on the needs of each individual. This is because we all use our current accounts in such different ways that there isn’t a single account that satisfies everyone’s banking needs. You have to choose a current account that is most appropriate for your needs.

Finding the best account if you’re always in credit

If you are always in credit, then a high interest current account is likely to be the best option for you, especially if you are likely to keep large amounts in the accounts 15 days or more. However, you need to scrutinize the terms and conditions before signing.


Many high interest current account providers cap the amount to which the high interest rate applies meaning anything over this amount will attract interest at a lower rate. Some providers only offer the higher interest rate to individuals who deposit more than a certain amount into their account each month. While some providers offer a high rate only for a set period and then significantly drop the interest payable after this expires. You such try to avoid accepting such type of conditions to maximize your gains.

Finding the best account if you need an overdraft

If you are likely to be in need of an overdraft very often, you should try to find a current account that makes this flexible form of borrowing as cheap as possible. Look for accounts that offer interest free overdrafts. However, be careful if you have to pay a daily fee, which could prove costly in the long run. If such is the case, then you can choose a current account that offers a fees free, low interest overdraft.

Finding the best combination account

If you spend most of the month with a positive balance in your account and only dip into your overdraft as you near pay day it can be tempting to go for a high interest option. However, this may not always be the right choice as the interest or fees you pay for using your overdraft are likely to far outweigh any interest you earn. For this reason, it’s best to go for an account that offers you the cheapest overdraft possible as this will save you more money in the long run.


However, if you only break into your overdraft on the rare occasion it could be a good idea to go for an account that offers a combination of a high interest rate and text message banking. Many providers offer this service and will text you if funds in your account are getting low, giving you the opportunity to top up your balance and avoid any charges.

By thinking about how you use your money and choosing a provider and account that compliment your spending you’ll be able to get the best of both worlds