Our best bank switch offers

You don't have to. Most providers typically offer standard accounts which you don't pay a fee for. They offer you basic services such as a debit card, cheques, and the ability to set up direct debits and standing orders.

Some banks charge you a monthly or annual fee to have a particular account. Not all accounts have a fee. It is usually the accounts with exclusive perks, additional benefits or cashback that charge a fee.

Don't let fees put you off. Consider whether you’re going to use the account to take full advantage of the perks and you could end up saving more money than the fees cost you.

Banks sometimes offer perks or incentives to encourage you switch your current account to them. These could be in the form of a cash bonus, vouchers or an item like new headphones.

You may have to stay with the bank for a set amount of time to qualify for and keep the bonus. You’ll probably have to get your salary paid into the account and set up one or more standing orders or direct debits.

No. In fact, even if you're a regular or 'serial' switcher, it should have no impact on your finances or your chances of being accepted by a new bank or building society.

The best current account is the bank account that offers the perks or deals that suit your lifestyle.

If you often dip into the red, you might want to compare bank accounts that offer fee-free overdrafts. Recent legislation means arranged and unarranged overdrafts are practically the same thing now, but banks have started to charge up to 40% interest on your debt.

If you have a large bank balance of around £2,000 or more, and are always in credit, you might consider looking for an account that will pay you the most interest.

Or if don't mind paying a fee for your account, you could opt for packaged account that may offer add-on benefits such as travel insurance, mobile phone insurance, or breakdown cover. But it only makes sense if you don't already have the benefits elsewhere.

Yes. If you have bad credit, you should still be able to get a basic current account. The UK government has introduced rules requiring all major banks and account providers to offer products that anyone would be eligible for, regardless of their credit score or financial circumstances.

There aren't any specific limitations on opening multiple current accounts. You may decide to open one with a partner, housemate or family member if you share bills for example. It's worth remembering that if the current account comes with an overdraft, then a credit check will be carried out. If your credit file suddenly reports several applications for credit in a short period of time, that may impact your ability to get credit.

Some accounts allow you an interest free overdraft. This translates to letting you borrow a set amount of money for free. Not all accounts do this.

The interest free amount is often less than the full overdraft limit. Be careful not to confuse the two.

For example, you may have an agreed interest free overdraft of £250. But your full overdraft limit might be £1,000. You would owe interest on anything in your overdraft between £250.01 and £1,000.

The rules on overdrafts changed in April 2020. Under new government rules banks are no longer able to charge high fees to customers who drop into their overdraft. This applies to both arranged and unarranged overdrafts.

Banks can now only charge overdraft users a simple annual interest rate. It's important to speak to your bank or building society if you are unsure about your overdraft fees.