Best Free Bank Accounts UK

Free bank accounts explained

Features of a no fee bank account

Not only do free current accounts cost nothing to open or maintain, but they don’t typically charge any fees for conducting everyday banking transactions, such as:

• Using your debit card to make purchases in store or online within the UK
• Setting up direct debits and standing orders
• Bank transfers (including Bacs payments)
• Withdrawing money over the counter or at a cash machine
• Checking your balance in branch, at a cash machine, online or via mobile app
• Writing and paying in cheques (as long as the currency is British pound sterling).

Additional fees

Nevertheless, there may be instances when additional fees apply – even when using a free bank account. That’s why it’s important to check any terms and conditions carefully before opening an account. Actions that can incur charges include:

• Being overdrawn: While the bank account itself may be free, some allow you to apply for an overdraft. In this case, you’ll be charged interest when using your overdraft at the rate outlined in the account’s terms. Related guide: How does an overdraft work?

• Having direct debits and standing orders refused: Also known as a ‘returned payment’ or ‘bouncing’, this usually occurs when there are insufficient funds in your account. While a provider may retry the payment (i.e. process it at a later date or time), some impose returned, late or missed payment fees.

• Using your debit card abroad: Although most debit cards can be used for spending abroad, you may encounter currency conversion and/or foreign transaction fees. That being said, there are some current accounts that charge no foreign usage fees; this information can be found by selecting ‘view further details’ next to a listing on our chart. Alternatively, why not explore other ways of spending money abroad?

• Withdrawing money from ‘convenience cash machines’: Most UK cash points (or ‘ATMs’) are free to use these days, however, on occasion the company may charge a fee for facilitating a withdrawal. Often, this is when using a ‘convenience’ cash machine located away from a bank or building society’s premises (such as at a train station, airport, nightclub or supermarket). Before withdrawing money at a cash point, be sure to check first whether there are any fees attached. Related guide: Seven ways to stay safe when using ATMs

How to open an account

Free bank accounts can be opened in much the same way as any other type of current account. You’ll usually need to fill out an application form – whether this be in branch, by post, over the phone, online or via mobile app. A provider will also typically ask you to provide photo ID and proof of address.

In some cases, you’ll also undergo a credit check – particularly if you’re applying for an overdraft. However, if your score is in need of improving, be sure to check out our guide which contains some simple steps that could give your credit rating a boost.

Eligibility requirements

Generally speaking, most banks and building societies require you to be a UK resident and aged 18 or over to open an adult current account.

That being said, some allow teenagers aged 16 and 17 to apply for a bank account either independently or with the support of a parent or guardian, while others offer free current accounts designed specifically for children.

Aside from this, providers sometimes also impose a minimum threshold on annual income paid into the account or require you to meet a minimum deposit each month – so it’s important to check terms and conditions before applying. Failing to meet any eligibility criteria could lead to your application for a bank account being refused.

More account-specific information can be found by selecting ‘view further details’ next to a listing on our chart above, or by speaking directly with the provider.