In the U.K., a current account is a bank account that offers you access to a range of different types of banking benefits — current accounts are popular in the U.K. In 2015, 52 percent of current account customers in the U.K. had one current account, 28 percent had two current accounts and 19 percent had three or more current accounts, according to Statista.

Current accounts are popular because of the benefits that they offer to account holders. According to data from the World Bank, less than two percent of the population of the U.K. in 2014 were unbanked. If you are trying to decide whether to get a current account or a basic bank account, you should think about the benefits of a current account and look for the offers that are available.

The Benefits of a Current Account

Current accounts offer several benefits that basic banking accounts do not. When you open a current account, you will have access to multiple different banking services. Your account will have the ability to receive deposits of your benefits payments, pension, or salary. You will also be able to set up direct debits to pay your obligations automatically from your account.

As a current account customer, you should be given a combined debit and cash card that you can use at different merchants. You may also be given a cheque book and have an overdraft facility. Some current accounts pay high interest rates to you on the first few thousand pounds that you deposit.

You should be able to access your current account in multiple ways, including by telephone, post, and the Internet. Current accounts are generally available to people who have built good credit histories. If you have problematic credit or no credit, a basic bank account might be a better choice for you.

What’s Available

There are several great current accounts that you might want to consider. You should investigate the offers that are available and choose the one that offers the most benefits.

Nationwide Building Society FlexDirect Account:

The Nationwide Building Society FlexDirect Account is a no-fee current account that offers you five percent interest A.E.R. on your in-credit balance of up to £2,500. The interest rate will be fixed for the first 12 months. To be eligible to receive the interest, you must deposit a minimum of £1,000 each month. When 12 months have passed, the interest rate will change to one percent A.E.R.

You can also enjoy fee-free overdrafts if they have been arranged for the first 12 months. Other benefits include fee-free mobile banking, free text alerts, paperless statements, the ability to withdraw up to £500 per day at an ATM, and more.

Nationwide Building Society FlexPlus Current Account:

The Nationwide Building Society FlexPlus Current Account is a good choice if you want to get a current account that offers insurance and other benefits for you and your family. The account charges a monthly fee of £13. You can receive three percent interest A.E.R. on your balance up to £2,500. You can also receive fee-free arranged overdrafts of up to £250. The account comes with European and U.K. breakdown and recovery assistance, worldwide travel insurance, worldwide mobile phone insurance, and commission-free cash withdrawals when you and your family are abroad. The account offers a free banking app and allows you to withdraw up to £500 per day from an ATM.

Santander 123 Current Account:

The Santander 123 Current Account offers you 1.50 percent interest A.E.R. on a monthly basis on balances of up to £20,000. The account charges a £5 monthly fee. You also earn cash back when you pay your bills by direct debit each month. When you use your Santander Visa debit card to make purchases at certain retailers, you can earn an additional 15 percent cash back.

To be eligible, you must pay in a minimum of £500 each month and have at least two direct debits per month. This account also allows you to make arranged overdrafts, and you can withdraw up to £300 per day at an ATM. You will also be able to access your account online and to receive free text alerts.

first direct Current Account:

The first direct Current Account lets you choose from a number of different gifts when you switch to it from a different bank. The gifts from which you can select include a £150 Expedia voucher, an Amazon Echo Spot, a set of Bose on-ear wireless headphones, and others. If you deposit at least £1,000 per month for the first six months and decide that you want to leave, you will receive £100. You can also receive interest-free arranged overdrafts of up to £250. For overdrafts of more than £250, you will be charged interest of 15.9 percent A.E.R. variable. The account allows you to access it by telephone, mobile device, or online 24 hours per day and seven days per week.

Where to Start

It is important for you to understand that these promotions are only a few out of many. Current account promotions change regularly.  For example. Nationwide Building Society notes that it will be changing the terms and conditions of their current accounts on Oct. 8, 2018, which are detailed in this document.

In order to find the bank that is offering the current account with the best promotions, it’s a good idea for you to conduct your own research online and visit the websites of multiple banks to compare them. Doing so can help you to make certain that you are choosing the account that will offer the most benefits to you.