Finding the right bank account for your needs
For many people a bank account is just a bank account – somewhere to pay their salary in each month and from which to withdraw cash or write cheques. However, these days the world of banking is more competitive than ever and many of the popular banks now offer a choice of accounts and a range of perks and conveniences. In order to ensure that you get a bank account that will not only suit your needs but will make life easier and more convenient, there are a number of things to look out for.
When you are looking for a bank account you firstly need to look at your own circumstances. Do you have a regular salary that is paid into the account? What sort of services do you want from your bank account? What is your credit rating like? If you have a poor credit rating you may only find yourself eligible for an account with a small selection of banks, and even then you may only be able to go for the most basic account with no debit card, cheque book, or over draft facility.
Most banks now offer a choice of accounts depending on your income, your credit, and your circumstances. This includes a very basic account without debit card or cheque book facilities (usually offered to those with bad credit amongst others), a standard current account that offers perks such as the cheque book and debit card as well as overdraft facilities on some current accounts, and the premier account that offers additional perks such as car rescue, holiday insurance, and preferential borrowing rates but costs an average of seven pounds a month.
It is also important to remember that some banks have set criteria, such as paying in a minimum amount each month in order to enjoy free banking. You should remember that there are more banking options than ever for consumers in the UK these days, and in addition to the traditional high street banks there are also some excellent Internet banks to choose from, so take the time to review the different account on offer from different banks.
Amongst the benefits that you might want from your bank account are:
- Cash card facilities
- Switch and debit card facilities
- Cheque book facilities
- Phone and Internet banking facilities
- Overdraft facility
- Good rates of interest on deposits
- Linked savings account
- Standing order and direct debit facilities
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