Compare Bank Accounts with No Monthly Fees

NatWest Reward Silver

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Type of Account
Typical Interest Rate0.12% AER
Overdraft Facility£100 at (0%) thereafter overdraft (17.94%), max £15k
Debit CardsVisaDebit Card
Bank Account Fees£16.00 monthly fee

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RBS select account

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Type of Account
Typical Interest Rate0% AER
Overdraft Facility0% per annum up to £100
Debit CardsVisaDebit Card
Bank Account FeesFree banking

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Card One Banking

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Type of Account
Typical Interest RateNo
Overdraft FacilityN/A
Debit CardsMastercardDebit Card
Bank Account Fees£12.95 monthly fee

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Cashplus Deluxe

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Type of Account
Typical Interest RateN / A
Overdraft Facility£100 to £250
Debit CardsMastercardDebit Card
Bank Account Fees£4.95 application fee upon opening the account and then £9.95 per month there after.

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Tuxedo Eccount

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Type of Account
Typical Interest RateN / A
Overdraft FacilityN / A
Debit CardsMastercardDebit Card
Bank Account FeesMonthly fee of £10 with no atm or transaction fees

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Compare Bank Accounts with No Fees

If you are looking for a bank account, see our comparison table of bank accounts that are available in the UK, subject to the banks.terms and conditions and subject to status and application With so many bank accounts to choose from here is a selection of the best rated basic bank accounts. Most of the accounts are free of charge but some do come with a monthly fee where if it is listed as a guaranteed bank account it also caters for people with bad credit or bankrupt.

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A bank account is a safe place to keep all your money. When you want to have a bank account, you sign an agreement with the bank and they will provide the services. With a bank account, you can be sure that all your investments are very safe. Furthermore, a bank account is very convenient since you can access your money at any time either through the ATM or the mobile banking system.

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Although banks offer a wide variety of accounts, they can be broadly divided into the following five types.

Savings account

A savings account is intended to provide an incentive for you to save money. With a savings account, you can make deposits and withdrawals but you can never write checks. In addition, a savings account has a higher interest rate compared to a checking account but lower than the money market account.

Basic checking accounts

Basic checking accounts offer a limited set of services at a low cost. With the basic checking accounts, you can be able to perform basic functions such as check writing. Unfortunately, the basic checking accounts lack the bells and whistles of more comprehensive accounts. Moreover, these accounts usually do not pay any interest and they may impose additional fees for excessive activity.

Interest-Bearing checking account

Unlike the basic checking accounts, the interest bearing checking accounts offer a more comprehensive set of services but at a higher cost. With the interest bearing checking account, you are able to write an unlimited number of checks in given month.

Money market deposit accounts

The money market deposit accounts invest your balance in a short-term debt such as commercial paper and the Treasury Bills. The interest rates for this account are usually higher than the interest bearing checking accounts. However, it requires a minimum balance to start earning the interest. The money market deposit accounts provide only limited check writing privileges and often impose a fee if your balance falls below the threshold.

Certificate of deposits

With the certificate of deposits, you must agree to keep the money in the account for a certain period of time before making withdrawals. The time can be anywhere between three months to six years. The interest rate of this account is usually higher than any given bank account. And the interest rate increases as the duration increases. There is a substantial penalty for any early withdrawals before the time period you chose is over.

How to open a bank account online

With the advancement in technology, most of the banks if not all have come up with the online banking system where clients can access all the bank services without going to any banking hall. These services include but not limited to account opening and money withdrawals.

If you want to open a bank account online, you must identify the bank you want. Then you have to choose the type of bank account. After which you have to visit the bank’s website in order to open a bank account. After accessing the website click on open account. You will then be required to fill all the information as asked as a new customer. All you have to do is follow the instructions given and in the end, you create your password and username.

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Requirements for opening bank accounts
Opening a bank account is more involving than opening an email address. Therefore, you will need to have a few things before you start the process. With most banks, you can get up and running with the things listed below.

Personal information

Your personal information is very crucial when it comes to opening a bank account. You must tell the bank who you are and provide personal details about yourself as well as provide evidence for the same effect. You must produce your identification card.

Contact information

With increased cases in fraudulent and theft, the bank will require your contact information so that they can easily contact you when they detect unusual behaviour on your account. More so, the bank can use the contact to pass vital information regarding the bank so as not to be caught by surprise. Therefore, you will have to provide your email address and phone number as well as your physical address.

Funding information

You must provide information on how you will add funds to the account. Most often, banks require an initial deposit to get your account opened. So to do that, you can either use the credit or debit card. Alternatively, you can provide routing and account numbers to link another bank account.

Bank Accounts with No Monthly Fees

Reasons for switching bank accounts
People switch bank accounts for a number of reasons. The most common reason for switching bank accounts is to get a better deal with interest and charges whether in credit or overdraft. Some do switch bank accounts for proximity reasons. They believe that a more local bank can offer a more personalized service. Nonetheless, all banks are not the same since some have great offers and services than others. It is therefore wise to move from your bank account that to the one that offers extra perks such as car breakdown cover as well as fee-free credit cover for overseas spending. More so, better customer services and incentives make people switch bank accounts every few years.

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