Types of bank accounts and their benefits

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Finding your current account

Before you consider which type of current account is right for you, it’s important to understand what a current account is.

A current account is 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. 

Compare current accounts

There are different types of current account out there to suit you, here’s a quick overview:

Everyday current account

An everyday current account is a fuss-free bank account. It’s the most popular account type and it doesn’t usually come with a monthly fee. If you’re looking for something that is straightforward to manage, this could be the right type of bank account for you.

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Reward current account

rewards current account allows you to earn benefits for doing everyday banking tasks, such as logging into your app or setting up a Direct Debit. They come with a monthly fee and you’ll need to meet certain criteria to be eligible. Rewards can then be redeemed as money, turned into eGift cards, or donated to charity. 

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Packaged current account

Packaged current accounts are bank accounts that give you added extras just for using your account. These extras depend on the account type but can be anything from phone insurance, to breakdown cover or fee-free debit card purchases abroad. They also come with a monthly fee and will have certain criteria for applicants.

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Joint current account

joint current account is a type of bank account you share with someone else. This could be a housemate, partner, spouse or family member. You’ll have equal access to the account and its funds so you can both pay money in, set up Direct Debits and spend the balance. 

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Student current account

Student current accounts are made for you if you’re going to university or college. They work like a normal current account but have extras designed to make student life a little easier, such as interest-free overdrafts. There’s no monthly fee for using our NatWest student account.

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Kids current account 

kids’ current account is created for children and young people, which usually means anyone between 11 and 18. This type of bank account usually comes with a debit card to use online, in store or to withdraw cash. It can help them build a healthy relationship with money and help develop savings habits. 

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Why compare current accounts and benefits?

Comparing the different types of bank accounts out there can help you choose the best option for you. Different bank account types can have varying costs, terms, and perks. Weighing all of this up before you apply is the best way to get all you want from your account.

How to find the right current account for you


Before applying, always check if the bank account has any monthly or yearly charges. Most bank accounts with fees give your certain rewards or other current account benefits in return. But you should ensure that these rewards are worth the extra cost to you.



When comparing current accounts, check the terms and conditions of each account to find out if you’ll need to pay in a minimum amount of money each month.



An overdraft can act as a short-term safety net on your current account. It can help you out if you need to pay for something unexpectedly when you’re low on funds. If you’re looking for a current account with an overdraft, find out how much you can access and any charges that apply. Keep in mind that an overdraft is a form of borrowing so interest may apply.

Interest rates

Interest rates

The interest rate on a current account tells you how much you could earn for keeping your money in that specific account. This is usually a percentage of the amount of money you hold. Different bank accounts will offer different amounts, so make sure you look out for this if you’re looking for an account with a certain rate.



Some bank accounts come with rewards. Although these current account benefits can be a great incentive, always make sure to check how much they’ll cost you in fees and think about whether each feature of the account is useful to you.

Which is the right bank account for you?

When it comes to choosing a bank account, it’s best to consider your financial goals and circumstances. What features are you looking for in a current account? Rewards, interest, flexibility? Whatever it is you need from your bank account, let this drive your decision. 

I'm looking for an account that...

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 too.

I can share

A joint current account could be a good option for you. With this type of account, you can manage your finances with whomever you open it with. You’ll both get a debit card and can both pay in or take our funds.

Suits children or teens

A children’s current account is 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 as part of the account.

Different types of bank accounts we offer

We offer a range of different current accounts. Whether you’re just looking for a basic account that you can leave alone to do its thing or you want a current account that gives a little more.

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
  • Even 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

Most of our bank accounts can be set up as a joint account, meaning you can pick from a range of current accounts.

  • 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 is perfect for you if you’re in further education, and comes with some tasty extras:

  • Free from a monthly fee
  • Get a 4-year taste card that gets 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:

  • 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

Switching bank accounts 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:

  1. 01

    Pick your current account 

    Take a look at the different types of accounts out there and have a think about the kinds of things you need from your current account.

    Read the current account switch guarantee guide (PDF39KB)

    Take a look at the switching current accounts guide (PDF3MB)

  2. 02

    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. 

  3. 03

    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. 

  4. 04

    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. 

  5. 05

    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. 

Want to switch to NatWest?

Whether you’re already a customer with us, or your brand new to NatWest, switching is simple.

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 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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Comparing current accounts in more detail

How much will a current account cost?

How much will a current account cost? Many of our current accounts are free of a monthly fee. But there can be other costs, so it’s important to read up on them. Read our costs and charges guide.

What do I need to open a bank account?

There are different types of documents we will need to see when you open a bank account with us. Our guide can give you the full list.

Comparing current account FAQs