First ever current account

zippy595

Hello everyone. My first post so please be gentle.

I've never had a current account as any direct debits have always come out of my Mrs' account but it's high time i got one for myself.
I've been looking around and they all say there must be a minimum of £1000 per month deposited. One of my problems is I can't guarantee that amount. Is there an account out there that doesn't need this?
And as i dont have an account to "switch" do I miss out on all these perks that are being offered?
Any advice greatfully received.

JuicyJesus

There are plenty of current accounts that don't require a minimum pay-in; off the top of my head, Nationwide's FlexAccount, Barclays' Barclays Bank Account, the Co-operative Bank's current account (I can't remember the name off the top of my head).

You won't get a bonus just for joining a bank as a new customer I'm afraid, only for switching.

PRAISETHESUN

Plenty of options for accounts without a minimum pay in. Pretty much every basic account will do, as will some such as the ones the post above has mentioned. Plenty of perks to be gained, if you are willing to jump through a few hoops, otherwise most banks will offer a standard perk-free current account that should suit your needs.

The best perks come from switching, but if you want to get creative you can open an account with any random bank (account A) then open a second account with the bank you want the incentive from (account . After you've set up whatever standing orders/direct debits on account A that you need to qualify for the bonus, you can then switch account A into account B to get the incentive.

worried_jim

You could think outside the box and also look at Starling and Monzo, both offer great current accounts and are the digital future of banking.

colsten

None of us know what your requirements for a bank account are. Do you want online access? A bricks and mortar bank? Both? A digital only bank? What is your credit history? Is interest or cashback important to you? Insurances? Fee-free banking? Do you want a cheque book? What sort of transactions do you want to make - ad-hoc payments, SOs, DDs? All of them? Etc etc etc

A good place to start is https://www.moneyadviceservice.org.uk/en/categories/running-a-bank-account