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Types of bank accounts and their benefits
Compare current accounts
Current accounts explained
Before you make a current account comparison, it's important to understand what these accounts are.
A current account is also known as a bank account. It's normally your main bank account for everyday spending. Typically, your monthly wage will go straight into this account and bills will come out.
Keep in mind that a current account isn’t a credit card – you’re only dealing with the money you put into the account yourself. The only time you could get access to credit with this type of account is with an arranged overdraft. Subject to eligibility.
You'll find different types of bank accounts, with a wide range of features, benefits and purposes. So, it's useful to do some research to choose the right one for you.
Everyday current account
A basic, fuss-free bank account.
Doesn't usually have a monthly fee.
Straightforward to manage.
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Reward current account
Earn rewards for tasks like logging into your app or using Direct Debits.
May come with a monthly fee and certain eligibility criteria.
Rewards could be redeemed as cash, eGift cards or charity donations.
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Packaged current account
Get extras like phone insurance and breakdown cover, depending on the packaged account.
You'll need to pay a monthly fee and meet certain criteira.
May require an existing current account to upgrade from.
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Joint current account
A bank account you share with someone else.
Apply with a housemate, partner, spouse or relative, for example.
Get equal access – you can both pay money in, set up Direct Debits, and spend.
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Student current account
For students going to university or college.
May come with extras like interest-free overdrafts.
No monthly fee on the NatWest Student account.
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Kids current account
Specially designed for kids and young people.
Often comes with a debit card to use online, in store or at cash machines.
Could help build a healthy relationship with money and saving habits.
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Specific account eligibility criteria may apply. Monthly fees may apply.
Is low cost for everyday
A standard current account could be the right option for you. This type of account is usually free of a monthly fee, and normally managed online.
Works whilst I study
A student current account could be right for you. This kind of bank account is usually free of a monthly fee. Student current accounts also tend to come with extra rewards and access to discounts.
I can share
A joint current account may be worth including in your comparison. With this type of account, you can manage your finances with whoever you open it with. You’ll both get a debit card and can both pay in or take out funds.
Suits children or teens
A children’s current account could be the perfect bank account if you’re looking to teach your kids how to manage their own money. They’ll get a debit card and a bit of independence too.
Rewards me
A reward current account could be the right bank account for you. This type of bank account often gives you cashback, vouchers or even discounts with retailers.
Our basic current account
Our Select account is our everyday bank account that gives you everything you need for your day-to-day banking needs:
- Monthly fee free banking
- Manage your account on the go with our mobile app and Online Banking. Criteria apply.
- Pay however you like with Apple Pay, Google Pay™ and contactless. Limits apply.
To apply, you need to be 18+ and a UK resident.
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Reward current account
With the Reward bank account, for a £2 fee you could earn rewards every month and that’s not all:
- Earn up to £5 a month back in Rewards
- Redeem your Rewards as cashback, gift-cards or e-codes with a range of retailers
- Donate your Rewards to charity if you like
To apply, you need to be 18 or over and a UK resident. To hold this account, you need to pay £1,250 into an eligible NatWest account every month. To earn £5 rewards, you earn £4 a month back in rewards for 2 or more Direct Debits (at least £2 each) and an additional £1 a month back in rewards with 1 mobile app log in.
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Our joint account options
Most of our bank accounts can be set up as a joint account. This means you can pick from a range of bank account types.
- Apply easily online or using the NatWest mobile app
- Share equal access to one account
- Contactless debit card for each account holder
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Our Student current account
A student current account may be perfect if you’re in further education, and comes with some tasty extras:
- Free from a monthly fee
- Get a 4-year taste card that offers you 2 for 1 or 50% off food bills at restaurants across the UK
- Lost your bank card? No worries. Simply lock it, then unlock once you find it
Offer T&Cs apply. Specific account eligibility criteria apply.
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Bank accounts for kids and teens
If you’re looking for a bank account for your kid that's 11-17 years old, our Adapt account could be the right choice. It comes with:
- A contactless debit card, so your child can take out cash, pay in shops or even shop online
- Interest on everything paid into the account, so they earn as they save
- Access to our handy mobile app, and add payment caps for your peace of mind. Criteria apply.
Specific account eligibility criteria apply.
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How to switch current accounts
If you’d like to switch providers after comparing bank accounts, the process is easy. With the Current Account Switch Service here to help, it’s never been simpler to change banks. If you decide switching is right for you, all you need to do is:
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Pick your current account
Take a look at the different types of bank accounts out there. And have a think about what you need from your current account.
Read the Current Account Switch Guarantee guide (PDF 39KB)
Take a look at the switching current accounts guide (PDF 3MB)
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2.
Apply for your new bank account
When you apply for the new current account, you’ll usually be asked for some documents like ID and proof of address.
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Choose the date you want to switch
When you apply for the new bank account, you’ll usually be asked the date you want the switch to happen. You’ll need to allow 7 working days for the switch to go through, so keep that in mind.
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Your current account switch is complete
It’s as simple as that – your old bank account will close and everything, including payments like Direct Debits, will all be moved over.
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Get support after your switch
If anything goes wrong with the switch, your new bank will cover the cost of any charges or fees, so you won’t be out of pocket.
Already with us?
You can apply to move an account you hold with another bank to us online. All you’ll need to tell us is the account information of the bank account you want to move over, and the bank details of your NatWest account.
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New to NatWest?
Switching your bank account to us is easy. All you need to do is pick the type of current account you want to open with us. Once you’ve done that, you can apply online and we’ll take the details of the bank account you want to move over at the same time.
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