What's a current account?

For most people, a current account is at the heart of their financial lives. It's the account you use for almost every financial transaction, from getting paid to buying a coffee.

Whether you're new to the UK or simply looking to switch providers, understanding how a current account works is the first step toward better money management.

Read on to learn how a current account can simplify your finances.

Current account definition

A current account is an everyday transaction account that allows you to manage your daily money needs. It's the default personal account most people in the UK have.

It's distinct from other types of accounts like basic accounts, which may not include a chequebook or overdraft, and savings accounts, which are designed to hold and grow money over time.

In the UK, current accounts are rooted in the history of retail financial services. They're easily accessible so you can spend and add money whenever you need to.

Key features of a current account

While modern financial institutions and apps offer a huge range of benefits, every standard current account includes a core set of features, including the following:

Making and receiving payments

This is the main function of your account. A current account allows you to:

• Receive money: this includes having your salary paid in, receiving transfers from friends or family, and collecting refunds
• Send money: you can set up Direct Debits for bills, Standing Orders for regular payments like rent, and send one-off payments to others

When considering a new account, pay close attention to payment speeds and clarity around international transfers. At Revolut, we focus on providing instant, free payments between Revolut customers and fast payments for UK and international transfers.

Debit cards and contactless payments

A debit card is linked directly to your current account. When you use it, the money is taken straight from your balance. Unlike a credit card, you're spending your own money, so you avoid accruing debt or interest.

All providers offer physical cards, but accounts from modern companies often feature virtual cards as well, which are useful for online security or for adding to your mobile wallet for contactless payments.

Overdrafts and borrowing

An overdraft allows you to withdraw or spend more money than you currently have in your account, up to an agreed limit. This feature acts as a short-term loan.

If you go into an unarranged overdraft, you could incur fees, which is why it’s vital to understand the terms and interest rates associated with any borrowing feature.

Can I have multiple current accounts?

Yes, you can have multiple current accounts. In fact, holding several accounts can be an effective way to manage your money. Here are some reasons why people choose to do this:

• Budgeting: you might have one main account for your salary and household bills (Direct Debits) and a separate account dedicated solely to discretionary spending, such as eating out or entertainment. This creates a clear barrier, making it harder to accidentally spend money set aside for bills.
• Specific goals: some customers open a second account specifically to save for a major purchase or a holiday, separating that money from their everyday spending.
• Features and rewards: you might hold one account with a traditional provider because of an in-branch service, and a secondary account with a modern app like ours to take advantage of superior features like fee-free currency exchange, budgeting tools, or investment options.

While having multiple accounts can make things easier, it also requires organisation. You need to keep track of balances, make sure enough money is in each for scheduled payments, and stay aware of any fees that might be incurred for inactivity or low balances. With us, you can link and manage your different accounts in one app with our open banking feature.

It's important to note the difference between your primary account and supplementary accounts. While you can only open one Revolut personal account, we offer multiple features and separate account types, such as joint, savings,¹ and multi-currency accounts, all managed seamlessly in-app. This allows you to budget more easily without having to manage multiple accounts across multiple providers.

Finding the best current account

With so many options available in the UK, deciding on the best current account can be difficult. The best choice ultimately depends on your lifestyle, spending habits, and financial goals.

We recommend looking beyond basic transaction features and checking how an account can support your overall financial wellbeing.

Current accounts with interest

While many current accounts historically paid little to no interest, some providers now offer current accounts with interest to reward customers for maintaining a positive balance. This is especially worth looking into if you tend to keep a large amount of money in your main transaction account.

If interest is a priority, you should also look into dedicated savings products. We offer savings accounts that allow you to put money aside and earn interest on it, making your idle cash work harder for you. If you're ready to start growing your money, you can open a savings account quickly with Revolut.¹

Joint accounts

For couples, flatmates, or anyone else who shares financial responsibilities, a joint account is a common solution. It allows 2 or more people to manage shared expenses like rent, utilities, or groceries, from a single pot of money.

This removes the faff of constantly sending money requests or splitting bills manually. We offer a dedicated Revolut joint account, which you can manage alongside your personal account, giving you the clarity and control you need for both individual and shared finances.

Kids and teens account

Teaching younger people about money management early on is vital. Many providers, including us, now offer accounts specifically designed for kids and teenagers, usually managed by a parent or guardian.

These are the different ways your kid or teen can start their financial journey:

• Kids account (6-15):² fully managed and supervised by a parent or guardian, ensuring a controlled environment where children can learn to spend and save responsibly
• Teens account (16-17):³ teens gain more financial independence with limited features and spending limits, allowing them to practice managing money before they transition to a full adult account

How to open a current account online

The days of needing to book an appointment and wait weeks to set up a new account are behind us. Digital financial services have made it easy to open a current account online.

Most modern providers, including Revolut, have streamlined the process down to a few simple steps in-app. This usually involves:

1. Downloading the app
2. Providing personal details (name, address, date of birth)
3. Verifying your identity using a photo ID and sometimes a short selfie video

The entire process can often be completed within minutes, and your new account details are instantly available. The ease and speed of this process are key reasons why so many people are looking to alternative providers for their primary accounts.

Why choose a Revolut account?

We offer everything you need for modern money management. We focus on providing solutions built around the customer, fixing problems often found with traditional providers.

Our accounts are designed to give you total control over how you spend, send, manage, and invest your money. We offer a range of features that go beyond traditional banking:

• Clarity on fees: we make fees clear with no additional charges. For currency exchange, we show you the conversion upfront before any transaction.⁴
• Budgeting tools: our app offers reliable, slick tools that provide real-time notifications and balance updates to help you stay on top of your spending.⁵
• Global spending: our physical and virtual cards are designed for low-fee global spending, allowing you to use your money around the world with competitive exchange rates.⁶
• Integration: your personal account is the central hub for our other services, including savings¹ and investments,⁷ all in one place.

Choosing Revolut means choosing a straightforward, digital approach to your daily finances.

Ready to create a current account?

If you’re ready to take control of your money with a digital account built for the modern world, getting started with us is fast and simple. You can create a current account quickly and begin managing your finances today.

Here's our step-by-step guide to set up your Revolut account:

1. Download the app: get it on the App Store or Google Play.
2. Sign up: follow the on-screen instructions to enter your personal details and verify your identity. This usually only takes a few minutes.
3. Choose your plan: select the best plan that works for you, based on your financial needs and habits.
4. Add money: use a debit card or bank transfer to add money to your new account.
5. Order your card: order a physical debit card or start using a virtual card instantly for online purchases and contactless mobile payments.

In just a few taps, you’ll have everything you need to manage your money, budget smarter, and make payments globally.

The information provided is accurate as of 20 September 2025.

¹T&Cs apply. Your savings are protected by the FSCS through our partner banks – up to £85k. One less thing to worry about. Check the FSCS website for more info.

²T&Cs apply. Revolut — Kids & Teens accounts are available for individuals aged 6–15. A parent or legal guardian must be at least 18 years old. Under 13? Get your parents to download the main Revolut app and get you on-board. Payments to and from customers on Revolut — Kids & Teens are only available to teens aged 13+.

³T&Cs apply.

⁴Fair usage limits and weekend fees may apply. T&Cs apply.

⁵18+, T&Cs apply.

⁶18+, T&Cs apply.

⁷Capital at risk. T&Cs apply.