Looking for a Free Bank Account in the UK? Read and Secure These to Get Started Now

... Credit : Financial Times
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Jane Taylor in Money & Banking

Last updated: 29 May 2020, 04:56 GMT


Free bank accounts have become more common in the past 20 years, with nearly eight million accounts now open. It's free to use these accounts, but they can charge fees for other services such as using your overdraft.

Since 2016, lots of major banks in the UK are legally obliged to offer free bank accounts. That means it's easier than ever to find one that suits you.

Using our comparison, you can find almost every free bank account available in the UK. Although these accounts are free to use for everyday banking, you will have to pay to use services such as an overdraft, spending abroad, or a failed direct debit.

Look for the best free bank account by comparing the benefits they offer.

Find the right features for your free bank account

The best free current account is one that meets your needs. Some features you should look for in your current account include:

  • Online and mobile banking to transfer money or set up payments
  • A debit card you can use to buy goods or withdraw cash
  • A nearby branch if you need to pay in cheques or cash

 

You can also look for accounts that offer:

An overdraft

If you choose a free online bank account with an overdraft, you can use it to borrow money in the short term or as an emergency buffer for unexpected costs.



This comparison shows what bank accounts offer an overdraft and details:

Limits

  • If it offers a free overdraft
  • Interest rate
  • Daily or monthly fees

 

Pays you interest

Some free bank accounts pay interest when you have money in your account. If you keep a large amount in your account, choosing one with a higher interest rate will make you more money.

How to open a free bank account

Opening a free bank account is easy and can be done quickly in a branch or with an online application.

Typically, you'll have to provide the following documents:

  • Proof of ID: Your passport or driving license
  • Proof of address: A recent utility bill, council tax bill, or rental agreement

Some banks may also ask for additional details, including your occupation, income, and expenses. This is not legally required but many banks often use this information to provide you with offers about other products in the future, such as credit cards.

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Check the account requirements

Many banks have minimum requirements you have to fulfill to open your free bank account, such as:

  • Paying out a minimum number of direct debits or standing orders each month
  • Paying in a minimum amount each month, e.g. your earnings
  • If you do not meet the account's conditions, you could lose benefits, such as interest, or be charged a fee.