Current accounts

Take control of your finances with a London Mutual current account.

Our credit union current accounts provide everything you’d expect from a bank account, with a convenient debit card, the ability to set up direct debits, and access to cash machines both here and while on holiday.

But if you’ve ever been hit by unexpected charges or found yourself constantly overdrawn, you’re in for a pleasant surprise. We make it easy to manage your money, with upfront costs, a transparent overdraft, and no hidden fees.

Our accounts

The London Mutual Difference

Transparent fees

Many banks offer ‘free’ accounts, and make up for it with hidden costs and fees. Our low monthly charges reflect the true cost of providing the account, and allow us to avoid charges elsewhere.

A MasterCard debit card

We may be a local bank, but our reach is global. Our debit cards are contactless, and can be used to pay for goods or services anywhere the MasterCard logo is displayed.

Security & Fraud Protection

Fraud costs us all. That’s why we take security incredibly seriously and use the latest anti-fraud measures, including MasterCard Securecode®, to verify your identity when making purchases online.

Pay your bills via Direct Debit and save

Paying your bills via direct debit can save you serious money compared to pre-pay and paper billing, as well as building your credit score. All our accounts come with direct debit enabled.

Mobile and internet banking

Our mobile app and online banking have all the features you’d expect, with more being added all the time. Too techy? Just text ‘bal’ to 80011 to receive an SMS balance alert at any time.

A clear, straightforward overdraft

If you go overdrawn, the balance will be charged at 42.6% APR (3% per month). That’s it. No need to worry about unarranged overdraft fees or additional charges.

Good to know

Why do you charge fees for your current accounts?

There are all sorts of costs involved in providing current accounts, from admin costs to card issuer and ATM fees. While some banks offer ‘free’ accounts and absorb the upfront cost themselves, you’ll often end up paying many times over in hidden extras and additional fees.

We think it’s fairer to be upfront, with accounts that reflect the true cost of providing the service, and a single low-cost monthly fee.

Who can apply for a current account?

As our credit union, our mission is to provide access to banking services for the whole community. As with all our products, you’ll need to become a member of the credit union to be eligible, but you can do this at the same time as you apply.

What if I lose my card or PIN?

If your card is lost or stolen, or if someone else knows your PIN, it’s important you let us know immediately on 0330 088 2747. Have your account number ready, so we can easily check that you are the account holder. We may also need to ask some additional questions to verify your identity.

We’re able to replace your card or issue a new PIN up to three times per year. Additional cards are £10 and PIN resets are £1.50.

Will I earn interest on my balance?

Our current accounts don’t pay any interest. Instead, as a credit union, any surplus (profit) that we make at the end of each year may be paid out to our members as a dividend.

If you’re looking to save for the future, it’s worth considering our range of savings accounts, many of which will ensure you are eligible to receive a dividend when one is paid.