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Bank Accounts All Look The Same, What Are The Different Types of Bank Accounts

flik eco finance what are the different types of bank accounts

Thinking of opening a new bank account but they all look pretty much the same right? Let’s quick fly through some of the different types of bank accounts and how to pick the perfect one for you.

There are a couple different types of bank accounts, and it’s pretty important to pick the right type or else they can end up just being a hassle.

What Are The Different Types of Bank Accounts?

App Based Bank Accounts

App based bank accounts are pretty much our favourite. We think they are amazing, and it usually just takes 5 minutes to open a new account, on your phone without speaking to a lifeless ‘Bank Manager’, who seems to care more about his quiff than your future.

No more trips to the branch, bringing your I.D & proof of address. None of that rubbish. Just pure gold.

Our Favourite App Based Bank Accounts

Revolut

Definitely one of my favourite bank accounts. The app is excellent, full of great little features and you can send money abroad for free!

Monzo

Everyones favourite mobile banking app. Monzo makes life so simple, you can even send and receive money from your friends in seconds.

Starling

Starling Bank offers a full current account that you can open in a couple of minutes. It gives you real-time notifications when you use your debit card, insights into your spending and lets you set up savings goals. You also earn a small amount of in-credit interest.

Monese

A great mobile bank to help you manage your money better! Monese have a neat little app & it only takes 5 minutes to join for free!

Student Bank Accounts

If you’re still studying you can get some pretty good deals with student bank accounts, we’re talking about bonus cash, 0% overdrafts, railcards and all sorts of great offers if you’re a student.

Our Favourite Student Bank Accounts

Nationwide FlexStudent

Must have been a UK resident for the last three years and accepted on a full-time UCAS course for a minimum of 2 years. This must be the sole student account and requires at least £1,500 to be paid in per year of study across two or more transactions.

Santander 123 Student Account

The Santander 123 student account gives full-time students and apprentices a four-year 16-25 Railcard, which gets you a third off rail travel, and a guaranteed £1,500 overdraft in years one to three.

Basic Bank Accounts

If you’ve just moved to the UK or you’ve got poor credit a basic bank account is perfect for you. They are really easy to open and all you need is basic ID and you are good to go!

Our Favourite Basic Bank Accounts

Co-Op Cashminder

If you don’t qualify for a regular current account, don’t yet have a UK account, or you’re experiencing financial difficulty, this could be the right account for you.

Metro Bank Cash Account

If you don’t qualify for a regular current account, don’t yet have a UK account, or you’re experiencing financial difficulty, this could be the right account for you.

Nationwide FlexBasic

If you don’t qualify for a regular current account, don’t yet have a UK account, or you’re experiencing financial difficulty, this could be the right account for you.

Packaged Current Accounts

If you’re looking for account that gives you something a little bit more than an app, a packaged current account might be the perfect fit for you. Packaged bank accounts are pretty cool, you usually pay a monthly fee and in return you get some pretty good rewards like cinema tickets, phone insurance & cashback.

Our Favourite Packaged Bank Accounts

Nationwide FlexPlus

The FlexPlus account is a pretty good deal! For £13 a month you get worldwide travel insurance, smartphone insurance and European breakdown cover. So if you drive, travel or use a mobile phone…it could just be the perfect packaged bank account for you.

Halifax Ultimate Rewards

Another pretty good packaged bank accounts. This one comes with travel insurance, phone insurance, breakdown cover and most importantly home emergency cover.

Co-Op Everyday Extra

The Everyday Extra Current Account is just like a regular current account. But you also get worldwide travel insurance, UK & European breakdown cover and mobile phone insurance for only £15 a month.

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About Jermaine Hagan (The Plantsman)

Jermaine Hagan, also known as The Plantsman is the Founder of Flik Eco. Jermaine is the perfect hybrid of personal finance expert and nemophilist. On a mission to make personal finance simple and accessible, Jermaine uses his inside knowledge to help the average Joe, Kwame or Sarah to improve their lives. Before founding Flik Eco, Jermaine managed teams across several large financial companies, including Equifax, Admiral Plc, New Wave Capital & HSBC. He has been featured in several large publications including BBC, The Guardian & The Times.

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