![Chase Current Account - Current Account logo](https://www.finder.com/niche-builder/6149cc28f171f.png)
There are lots of straightforward, fuss-free bank accounts to choose from with no monthly charges, from both the challenger banks and the traditional high street names. Here’s what you need to know.
Finder’s best free bank accounts that you can open online in the UK
Bank | Best for | Expert score |
---|---|---|
Starling Bank | Best all rounder and for overseas spending | 4.7/5 |
Monzo | Best for budgeting tools | 4.6/5 |
Lloyds Bank | Best for payment features | 4.4/5 |
Nationwide | Best for linked savings account | 4.3/5 |
Chase | Best for cashback | 4.2/5 |
Kroo | Best for in-credit interest | 3.9/5 |
Latest reviews of free bank and e-money accounts that you can open online
£0
Min. opening balance
£0
Account fees
3.24% AER
Interest (AER)
- No monthly-fees
- No overseas fees
- 100% digital sign-up
- 24/7 UK customer support
- 'Settle up' feature to split joint bills
- Pays interest on current account balance
- Overdrafts available (only on personal accounts)
- No branch network
- Limited options for depositors
- No competitive switch incentives if you switch your account
- Limited product range compared to other banks
- Lower ATM withdrawal limit than some other digital challengers
- No group savings feature
- Doesn't have a specific monthly budgeting tool
Minimum opening balance | £0 |
---|---|
Minimum operating balance | £0.01 |
Switch service guarantee | Yes |
Account fee | £0 |
Overseas cash withdrawals | £0 |
£0
Min. opening balance
£0
Account fees
0% AER
Interest (AER)
- Easy to set up
- Good for budgeting and categorising spending
- Automatic saving feature
- Fee-free spending abroad
- Slick app with face login
- Overdrafts and loans available
- Free ATM withdrawals outside the EEA limited to £200,
- £1 fee for depositing cash at PayPoints,
- Maximum cash deposit of £1,000 every 6 months
- No rewards program
Minimum opening balance | £0 |
---|---|
Switch service guarantee | Yes |
Account fee | £0 |
Overseas cash withdrawals | 0% |
£1
Min. opening balance
£0
Account fees
0% AER
Interest (AER)
- No monthly fee
- Earn cashback on spending
- Overdraft available
- 24/7 banking
- FSCS protection
- Interest charged on overdraft
- No interest paid on balances
- Limited account features
Minimum opening balance | £1 |
---|---|
Minimum operating balance | £1 |
Switch service guarantee | Yes |
Account fee | £0 |
Overseas cash withdrawals | 2.99% |
£0
Min. opening balance
£0
Account fees
5% AER
Interest (AER)
- Pays interest on in-credit balances
- Interest-free overdraft for the first 12 months
- No monthly fee
- Account can easily be opened online
- Interest rate drops after the first 12 months
- Interest is charged on overdrafts after the first 12 months
- Account can only be managed online
Minimum opening balance | £0 |
---|---|
Minimum operating balance | £0 |
Switch service guarantee | Yes |
Account fee | £0 |
Overseas cash withdrawals | 2.99% |
£0
Min. opening balance
£0
Account fees
0% AER
Interest (AER)
- Rewards when you spend
- Award-winning account
- No fees abroad from Chase
- No branches if you prefer face-to-face banking
- Can’t deposit cash or cheques into the account
- Overdrafts not available yet
Minimum opening balance | £0 |
---|---|
Minimum operating balance | £0 |
Switch service guarantee | Yes |
Account fee | £0 |
Overseas cash withdrawals | 0% |
£0
Min. opening balance
£0
Account fees
4.09% AER
Interest (AER)
- Free to use
- In-credit interest
- No fees for using card abroad
- 2 trees planted for every new customer
- Can only be accessed through the app
- No branches or face-to-face support
Minimum opening balance | £0 |
---|---|
Minimum operating balance | £0 |
Switch service guarantee | No |
Account fee | £0 |
Overseas cash withdrawals | £0.01 |
Can you get a free bank account?
Yes, it is possible to apply for a bank account that won’t charge you a regular monthly fee. Many of these accounts also won’t charge you for standard transactions such as paying money in, paying money out and withdrawing cash.
However, banks have to make their money somewhere, and while basic transactions may be free of charge, you’ll still have to pay for certain services. For example, if you have an overdraft on your bank account, you’ll likely be charged interest if you use it. Note that as of April 2020, banks must charge 1 consistent rate of interest on all overdraft facilities and can no longer charge monthly or daily fees.
You might also be charged a fee if there are insufficient funds in your account to cover a direct debit or standing order, or if you use your bank card for foreign transactions abroad. We have a separate guide on bank accounts with low overseas charges. Most banks will also charge you for stopping a cheque, making a CHAPS payment and making international transfers.
How to find a free bank account
You can find a free bank account in the same way as any other bank account. Simply run a comparison and look for the account that suits your needs best, making sure that you meet the eligibility criteria.
While most free bank accounts will let you set up direct debits and standing orders, withdraw money from cashpoints, check your bank balance and transfer money, some will also offer additional features such as:
- Cashback or switching incentives
- Loyalty points
- In-credit interest
- Interest-free overdraft
You’ll need to think carefully about what matters most to you to help you find the right account. For example, if you regularly use an overdraft, your priority should be finding an account that offers an interest-free overdraft. Or if you always stay in credit, look for an account that pays interest – this will usually be payable up to a set balance.
It’s also worth checking which transactions might not be fee free to ensure you find the most competitive account. You might also want to check how each account can be managed. For example, do you want to be able to do some of your banking in branch, or are you happy to manage your account online or via an app only?
Steps to open a bank account online
Follow these steps to open a bank account online.
Eligibility requirements
To open an account online, you’ll generally need to:
- Be a UK resident with proof of a UK address
- Be at least 18 years old – some banks will let minors open an account with a guardian
- Be able to provide a government-issued ID
Read up on what are the requirements to open a bank account
You don’t have to pay for a bank account and there are lots of excellent free accounts to choose from. With a paid-for account, you’ll usually have travel insurance and breakdown cover thrown in – among other things – so if you’re already paying for these separately, it’s worth checking if it’ll be cheaper to access them through a paid-for bank account. If it’s not, choose a free one and buy the products you need separately.”
What do I need to open a bank account online?
![](https://www.finder.com/finder-us/wp-uploads/2015/11/Identification_Getty_250x250.png)
Identification
![](https://www.finder.com/finder-us/wp-uploads/2015/11/PersonalInformation_Getty_250x250.png)
Personal information
![](https://www.finder.com/finder-us/wp-uploads/2015/11/Deposit_Getty_250x250.png)
Deposit
The whole process shouldn’t take more than 10 minutes. If you’re at least 18 years old, you can apply for most accounts online. You’ll be provided with a checklist of things you should have with you before you apply. If you’re an existing customer of the bank, make sure you have your relevant customer ID or account number.
Identification
Requiring ID helps banks to protect you from fraud. They need to verify your ID to make sure it’s really you opening the account, and not someone trying to steal your identity.
Personal information
Most accounts allow you to apply for a joint account with one or more people. If you’re applying for a joint account, all account holders will need to provide their personal information, including proof of address and ID.
Deposit
Some institutions will let you open a bank account online with no deposit, but most times you’ll have to put a little money down. Minimum required deposits often increase with a higher interest rate or better features offered.
Pros and cons of opening a free bank account online
Pros
- No monthly fee to pay
- They are easy to open
- They offer a straightforward way to manage your everyday banking needs
- You may be offered an overdraft
Cons
- You might be charged for using your overdraft or carrying out certain transactions
- Additional perks and features on the account will be limited
- You may not qualify for the account
Bottom line
If you’re looking for a convenient and cheap way to carry out your everyday banking tasks, a free bank account could be right up your street. Just make sure you check the eligibility criteria carefully and keep in mind that additional features and perks of the account will likely be more limited compared to one that charges a monthly maintenance fee. You can compare current accounts here.
Frequently asked questions
Banking scores
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
To find out more, read our full methodology.
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