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Finding Tailored Financial Advice for the LGBT Community

Charitable | Articles | Advisers


Current Accounts

Offering instant access to your money, current accounts come in a range of guises depending on the bank you're with. From high interest to no interest, make sure you shop around.

current accountsBanks still believe that the best way to attract you as a customer for life, is to present you first with a current account that you are happy with.  This is easier said than done in an age that is split between demands for High Street banking and Internet banking. The theory is that once you are happy with a bank’s current account, you will be more likely to borrow with them, and take out other products.

A current account will offer various flexible payment methods to allow customers to distribute money directly to others. Most current accounts come with a cheque book and offer the facility to arrange standing orders, direct debits and payment via a debit card.


Virtually all current accounts offer a pre-agreed overdraft facility the size of which is based upon affordability and credit history. This overdraft facility can be used at any time without consulting the bank and can be maintained indefinitely (subject to ad-hoc reviews). Although an overdraft facility may be authorised, technically the money is repayable on demand by the bank. In reality this is a rare occurrence as the overdrafts are profitable for the bank and expensive for the customer.

Interest bearing current accounts

In the UK some online banks offer rates as high as many savings accounts along with free banking (no charges for transactions) as institutions which offer centralised services (telephone, internet or postal based) tend to pay higher levels of interest. The same holds true for banks within the EURO currency zone. This means that as Internet banking grows in popularity, and banks encourages away from the High Street, you’ll find a plethora of deals and opening offers, should you be looking to start a new current account. Be aware, some current accounts are only available to customers who can pay a certain amount into their account each month.

If you wish to speak to an LGBT-friendly financial adviser about this or any other financial matter, please enter your postcode under the map on the right, to find an adviser near you.

Additional Reading

  • Compare Current Accounts

    To get the best deals, compare current accounts and either ensure you get interest on your money, or at very least no charges on a small overdraft!
  • Offshore Accounts

    How can Offshore bank accounts help you? Find out more and whether they are suited to you with our guide.
  • Offset Accounts

    Offset bank accounts mean that you use all credits in your account to offset your mortgage! You also pay no tax on savings either as the credit is used against the mortgage. Find out more and find out how you can access LGBT-friendly financial advisers.
  • Business Banking

    If you're looking for business banking, check carefully the charges, terms and conditions and compare banks to get the right account for your needs. It's expensive if you don't!
  • Savings Accounts

    Read our guide on savings accounts.

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