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.
| 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 | 4.3/5 |
| Nationwide | Best for linked savings account | 4.3/5 |
| Chase | Best for cashback | 4.2/5 |
| Revolut | Good for sign-bonus offer | 4.2/5 |
| Kroo | Best for in-credit interest | 4.0/5 |
Starling Current Account - Age 18 and over
Finder Score 4.7★★★★★
There's no monthly fee with this current account from Starling, and you won't be charged for card transactions in the UK or abroad either. It's easy to apply for the account via the app or online in a matter of minutes. All you'll need to provide is a few personal details and a valid photo ID. The account also pays interest on credit balances, and you can save money into different virtual jars as well as round up transactions and save the change. Use the app to track your spending, freeze your debit card and set budgets.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 15% EAR variable.
Monzo Free Account
Finder Score 4.6★★★★★
This account from Monzo has no monthly fee and you'll be able to set up your account online or via the app with ease - in fact, Monzo says it will take less than 15 minutes. Once up and running, you'll benefit from free UK bank transfers and be able to set up different 'pots' to separate your money for different purposes. The app gives you instant spending notifications, plus your spending will be categorised so you'll know exactly what you've spent where. You'll also have access to saving accounts as well as loans and an overdraft.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable.
Lloyds Classic Account
Finder Score 4.3★★★★★
| Minimum opening balance | £1 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
This straightforward bank account from Lloyds offers free everyday banking. You can apply for an account online and you should receive a decision within 10 minutes. You'll need to be at least 18 years old and a UK resident to be eligible. You can manage your account through online banking, but it's also easy to bank on the go with the Lloyds Bank app. Plus, if you sign up to Everyday offers, you can earn cashback when you spend on your debit card at selected retailers. Note that if you use your card overseas, fees will apply.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.
| Minimum opening balance | £1 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 0% AER |
Nationwide FlexDirect Account
Finder Score 4.3★★★★★
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 5% AER |
This account from Nationwide has a whole host of benefits and no monthly fee. If you stay in credit, you'll earn a competitive rate of interest on your balance up to a limit. But it's also a great account if you need an overdraft as it comes with an interest-free overdraft for the first year. You can open the account online if you're at least 18 years old and a UK resident. You'll need to register for online banking during the application, so you can manage the account online. It can also be managed over the phone.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 5% AER |
Chase Current Account
Finder Score 4.0★★★★★
You’ll need to apply for the Revolut standard plan via the Revolut app. Once you’re up and running, you can enjoy fee-free withdrawals of up to £200 a month and fee-free currency exchange on weekdays of up to £1,000 a month. The account includes airport lounge access and you can earn one ‘RevPoint’ per £10 spent, turning card purchases into perks like air miles. Keep in mind that Revolut is not a UK licensed bank so your money won’t be protected under the FSCS. However, it is regulated by the FCA as an institution that deals in electronic money and has to hold all client funds in a “segregated account” at a licensed UK bank.
Kroo Current Account
Finder Score 4.0★★★★★
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 3.85% AER |
You'll need to join Kroo through its app, and by doing so, you'll benefit from a competitive rate of interest on your current account balance. Plus you'll be able to spend on your debit card abroad without being charged foreign transaction fees. The account has no monthly fee and it's easy to monitor your spending though the app as well as sort out expenses and payments owed to others. An overdraft is also available on the account.
| Minimum opening balance | £0 |
|---|---|
| Account fees | £0 |
| Interest (AER) | 3.85% AER |
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.
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:
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?
Follow these steps to open a bank account online.
To open an account online, you’ll generally need to:
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.”
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.
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.
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.
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.
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.
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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