Types of UK Bank Accounts

Understand the various bank accounts available in the United Kingdom...

Below is a summary of the different accounts offered in the United Kingdom and the benefits of each type of account:

  • Standard Current Accounts: Customers receive a cheque-book, cash and debit cards, overdraft facilities, monthly or quarterly bank statements. Internet access and telephone banking facilities are often available. For a monthly fee, some current accounts can provide extras such as roadside assistance or medical support
  • Simple Cash Accounts: Customers do not get a cheque-book, Internet or overdraft facilities
  • Savings Accounts: Note that interest on savings is taxed
  • Accounts for High Earners: Tailor made options and personal banking support
  • Children's Accounts
  • Student Accounts: Similar to standard current accounts, students may benefit from interest free overdrafts
  • Graduate Accounts: Graduates can benefit from lower mortgage rates and cheaper overdraft facilities
  • Foreign Currency Accounts
  • Euro Accounts
  • Special Accounts: These cater for certain religious beliefs

The Banking Guide provides comprehensive information on the different types of bank accounts. It also offers readers a questionnaire to help select what kind of account they need.

  • For more information on choosing a bank in the UK: Click here