Earn up to 5% AER on your cash!
Some of the best rates of interest you will get on cash currently are on current accounts. E.g Nationwide offer 5% AER fixed (4.89% gross pa) in credit interest on balances up to £2,500 for the first 12 months
You can also benefit from switching your account. A number of banks now offer switch incentives. HSBC are currently offering £150 if you switch your current account to them. The good news is that switching is a lot easier than it used to be – basically the new bank account provider will do all the work in setting up your direct debits and standing orders etc.
For students looking for a good account Santander UK are offering a free railcard for 4 years as long as you are 18 and are in or are about to enter into full time further education.
when you switch to a 1st Account
when you switch to a Santander Edge current account
when you switch to a Santander Edge Up current account
when you switch to a Santander Everyday current account
when you switch to a 1st Account
when you switch to a Santander Edge current account
when you switch to a Santander Edge Up current account
when you switch to a Santander Edge current account
when you switch to a Santander Edge Up current account
A free 4-year Santander 16-25 Railcard worth £100 plus a total average saving of £768 (average saving of £192 per year)
when you switch to a 1st Account
when you switch to a Santander Everyday current account
when you switch to a 1st Account
(2.96% gross)
A free 4-year Santander 16-25 Railcard worth £100 plus a total average saving of £768 (average saving of £192 per year)
There are no tables for this criteria
Current Accounts for under 18s
For under 18’s current accounts are provided by a range of banks and building societies. The term current account is generally not used in describing these accounts although many providers provide the flexibility normally associated with a current account e.g. instant access, online access, and a banking card.
Many providers operate these accounts for young people up to age 20 in some cases but typically from birth to age 18. The majority of accounts on offer are savings related and so many have a notice period when it comes to withdrawing money but if you shop around many also offer no notice accounts that pay interest. Some providers will offer incentives for opening an account e.g. free vouchers, gifts
For customers who already have an account, it should be remembered that switching to a new bank is a relatively simple process that will soon become even easier. Switching to a new provider may allow customers to take advantage of useful promotional offers from different banks.
While it is true that younger account holders may already have a savings account set up on their name in order to gain interest, a current account can give account holders more freedom by allowing them more control over their money. Account holders can for example set up direct debits in order to make regular bill payments easier, usually for things like subscriptions and mobile phone payments etc.
Although banks may offer free gifts and discounts in order to attract younger customers, it should be remembered that these promotional offers tend to come around very frequently, and customers may be better off waiting for more substantial long term benefits that may be included as part of their current account policy.
In order to find an under 18s current account that is best suited to your needs, it is strongly recommended to compare current accounts offers as much as possible to find the best deal available.
What if there are any problems?
And the switching service is covered by a guarantee: the new bank must refund you if there are any charges because payments didn’t go through on time. But you have to ask them for this.
Can I keep my old current account open when I switch?
What about transferring “recurring payments”?
Because they’re linked to a card rather than directly to your bank account, they’re not included in the switching service (or covered by the guarantee).
It’s not always clear which are your continuous payment authorities: you won’t find them listed on your online banking portal. When you set them up you were asked for you card details (“please read me the long card number”) rather than your bank account and sort code numbers.
You’ll need to check your monthly card statements: any regular payments going out each month that are not marked as DD (direct debit) or SO (standing order) are likely to be continuous payment authorities.
If you want to keep paying for this service (or loan) in this way, you’ll need to contact each provider and tell them your new card details as soon as you have them.
This may sound like a lot of bother, but it is useful to check periodically what’s going out of your account regularly: there may be services you’re not using (such as fast delivery, or additional online data storage) that you want to cancel.
What about the individuals who have my bank account details, for sending occasional payments?
It’s probably not a good idea to just email all your Contacts with your new account details. If you’re concerned about email security, the most secure way of sending bank account details to specific people is via WhatsApp.
And if any payments are accidentally made to your old account, for 36 months (three years) after you’ve switched, your new bank or building society will arrange for any payments to be automatically redirected to your new account. They will also contact the sender and give them your new account details.
When should I choose to make the transfer?
If all your regular payments tend to go out of your account around the same time it’s best to choose a time of the month when your bank account isn’t so busy.
No Credit Check Prepaid Card
