Compare Latest Current Account Deals
Switching current account to First Direct
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Interest calculated monthly. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must retain a minimum balance of £20,000 in the account. Must be UK resident and be aged 18 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 3 penalty-free withdrawals in a 12 month period. 3.82% AER (variable tracker) + 0.68% AER 12 month boost. 3.75% gross variable tracker. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. After 3 withdrawals within a 12 month period the rate will revert to either 3.40% AER (variable tracker with boost applied) or 2.72% AER (variable tracker) for the remainder of the 12 month period since opening the account. Must be UK resident. Must be aged 18 or older
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
First Direct 1st Account review
First Direct is a telephone and internet-based bank in the UK, which is part of HSBC Bank plc. With over 1.35 million customers, First Direct has a reputation for excellent customer service.
First Direct offers a single current account, known as a 1st Account and it comes with a number of benefits for new customers. If you are considering switching your day-to-day banking to First Direct, the following are some of the benefits you could receive with a 1st Account.
First Direct 1st Account benefits
Switch to a First Direct 1st Account and receive:
- £250 interest-free overdraft
- £175 cash joining bonus (subject to conditions)
- 24/7, 365 banking by internet, telephone and mobile
- Award-winning UK-based customer service
- Pay in cash and cheques at HSBC branches and at the Post Office
- No account fee for the first six months
- No account fee after the first six months if you pay in £1,000 plus a month, maintain an average monthly balance of £1,000; or have a mortgage, credit card or other qualifying product with First Direct (otherwise a £10 per month account fee applies)
Find out more about the First Direct 1st Account here >>
What to look for when switching current accounts
When choosing a new current account, there are various things to consider that can make one account more appealing compared to another. The following are some of the key things to look out for:
Interest rates – Most current accounts will offer two different interest rates – the one you can earn on your savings and the one you will pay on your overdraft. Depending on whether you mostly tend to be in credit or in your overdraft, the relative rates on offer will be of more or less importance.
It’s also worth looking at what the balance limit is for earning interest, as many current accounts only offer interest up to a relatively low threshold, above which you will earn nothing on your savings.
Switching incentives – Many leading accounts offer attractive switching incentives, including cash up front. This can make an account much more appealing, but any joining bonus needs to be weighed against the ongoing benefits of the account and any monthly account fee.
Cashback – A lot of accounts now offer cashback as an ongoing incentive. For example, with a TSB Classic Plus Account you can earn up to £120 cashback a year just for having active monthly Direct Debits and using your debit card regularly. Others, such as the Santander 1|2|3 Current Account offer cashback on your household bills, which can soon add up to significant amounts.
Additional benefits – Most current accounts offer a range of other benefits, including free insurance, free internet security software and more which can save you a significant amount of money, depending on your needs.
Compare current accounts
When switching your current account to a new provider, it pays to do plenty of research about the different options available to you. The joining incentives, interest rates and other benefits offered by various different providers vary considerably, so choosing the right account for you will depend on your personal circumstances and banking needs.
Take a look at the range of current accounts presently on offer from all the leading providers across the market right now to see which offers the best deal for you.
