Most people need a current account to manage their day-to-day finances. It provides a place to receive cash sent from other people (such as a salary), a way to access your cash quickly (for example, through a cash machine), a way to pay bills automatically (via direct debit or standing order) and a way to pay for things without cash, via a cheque book.
Current accounts are deposit-based, which means you can always get back at least as much as you put in. You may get more back in if you allow interest to accrue, but for most people current accounts are not about interest but about making your money-management easier.
As current accounts give you full and rapid access to your cash, they generally give poor rates of interest. They are 'low risk' (effectively 'no risk') since you can always get back what you put in.
Should you wish to, you may be able to get an account that comes with an overdraft allowance. You will pay a fee for any money that you borrow from this overdraft (though some accounts may give you a certain amount of free overdraft) as a percentage of the amount borrowed. The bank may allow you to go over your overdraft limit, but if you do you will probably pay a stiff penalty fee.
Any high-street bank or building society will be able to offer you a current account. You will be required to prove your identity (by law, as part of measures against money laundering) and any overdraft agreement will probably depend on your circumstances. You may be required to have an account with the bank for a certain amount of time, so the bank can be sure your account management is sound. They may also choose to assess your credit rating.
Different banks may offer differing interest rates, fees and penalties. It is worth shopping around, but bear in mind that the terms and conditions of your account may change. Certainly interest rates will change as base rates fluctuate.
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