Our guide to current accounts
Choosing the right current account is essential for managing your everyday finances. This guide will help you understand key features and find the best option for you.
On this page:
What are the benefits of a current account?
Do I have to pay for a current account?
How many current accounts can I have?
What is a current account?
James Tilley, Product Manager at The Co-operative Bank explains:
"A current account is a bank account where you can store and withdraw money. Most banks offer a range of current accounts that have different features, so you can find an account that best suits your needs.
When you open a current account, you are usually assigned an 8-digit account number, a 6-digit sort code and a debit card which you can use to access your funds. You will also get access to online and mobile banking, and be able to pay using Apple Pay, Google Pay and Samsung Wallet."
Current accounts are often used for:
- being paid
- paying Direct Debits like mobile phone bills and utility bills
- making rent payments
- making cash deposits
- using your debit card to pay for purchases.
What are the benefits of a current account?
Current accounts allow you to easily manage your personal finances. With most accounts, you get access to online and mobile banking, making it easy to see what’s coming in and what’s going out as you use your debit card for every day purchases.
You can move money to your other accounts, make payments to friends and family, and manage your money easily. A current account gives you a convenient way to check your balance and bank on-the-go.
Types of current account
There are many types of current accounts in the UK. These include:
- basic bank accounts
- standard current accounts
- packaged bank accounts
- student accounts
- joint accounts.
To learn about the different accounts, read our types of bank accounts guide.
Do I have to pay for a current account?
It depends on what kind of account you have. Most banks offer free, standard current accounts with no monthly fees. They will usually not charge you for everyday banking if you stay in credit.
Basic bank accounts usually don't come with a charge either. They are suited to those who have no or low credit rating, as well as young people aged 16 and over.
Packaged bank accounts often have a monthly fee, but provide extra benefits. For example, our Everyday Extra Current Account has a charge of £15 a month, but you also get travel insurance, UK and European breakdown cover, and mobile phone insurance. Exclusions and limitations apply to all benefits.
Please note the subscription fee will increase to £18 a month from 1 July 2025.
How many current accounts can I have?
There’s no limit to the number of current accounts you can have, and many people open multiple accounts for different purposes, such as budgeting or accessing different perks.
To learn more on the benefits and drawbacks of having multiple current accounts, read our more than one current account guide.
Who can open a current account?
In the UK, you can open a bank account if you are aged 16 or over, and you have proof of your identity and address. However, some banks do not offer them until you’re 18.
You can open our Cashminder basic bank account or Current Account if you are aged 16 or over, and a UK resident. Approval for our Current Account is usually based on a credit check, and an assessment of your personal finances.
How to open a current account
Most current accounts can be opened online. You will most likely need to provide:
- proof of your identity, such as a passport or driving licence
- proof of your address, such as a recent utility bill or a bank statement from another bank.
Eligibility, terms and conditions apply. The Co-operative Bank reserves the right to decline any application.
To find out more on opening a current account, read our opening a bank account guide.
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You may incur debit interest for going into your arranged and/or unarranged overdraft. Entering an unarranged overdraft may also have a negative effect on your credit file.
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You can check how much you may be charged for using an arranged and/or unarranged overdraft with our overdraft calculator.
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Applying for a current account may affect your credit rating.
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You can check if you are likely to get accepted for an overdraft using our eligibility checker. Applications are subject to eligibility and an assessment of your financial circumstances.
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You may incur other potential charges for specialist services and transactions including foreign transactions or using your card abroad. These will be detailed in an account charges leaflet.
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If you hold a current account with us and experience financial difficulties, it’s important you let us know as soon as possible. For more information, visit our Money Management Hub.
Apple Pay is a trademark of Apple Inc., registered in the US, and other countries. Google Pay is a trademark of Google LLC. Samsung Wallet is a trademark of Samsung Electronics. Use only in accordance with the law. Compatible device required.
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