Current accounts, without the interest
Where your everyday money sits, and the two things to watch if you’re avoiding interest: credit interest and overdrafts.
We haven’t published a side-by-side table of current accounts yet, because we won’t publish details until they’re checked. Until then, this page explains what to compare.
What to compare
Credit interest
Many current accounts pay none, but some do, sometimes as a promotion. Check before you open one.
Overdrafts
An arranged or unarranged overdraft charges interest. Ask your bank to remove it, or choose an account that doesn’t offer one. Check whether you can switch it off.
Protection
Check that the bank is UK-authorised and that your money is covered by the FSCS.
Monthly fees and perks
A fee is only worth paying if you use what it buys.
How it’s structured
An Islamic current account may hold your money under an arrangement such as wadiah or qard. Ask what it uses.
Switching
The Current Account Switch Service moves your payments for you. Check that your new bank takes part.
The details
Interest you didn’t ask for
If an account pays interest you’d rather avoid, ask a scholar you trust what to do with it. Many people give it away, but that’s a question for them.
Education, not advice. Rates, rules and terms change, so check with the provider or gov.uk before you decide.