Choose the right bank account for your needs

These days there are a number of bank account available for consumers to choose from based on their needs and circumstances, and it is important that you choose the right bank account so that you have the facilities and benefits that you need to deal with your day to day financial transactions.

Choosing the right bank account can make a big difference to how easily you manage your financial transactions, and most of the major banks these days offer three choices when it comes to bank accounts. This includes the basic bank account, current accounts, and packaged current accounts.

It is a good idea to look into the different features and benefits of these individual bank accounts so that you can better determine which of these is the right one for your needs, as this will help you to make a more informed decision.

The basic bank account is one that is designed for basic day to day financial management, and is somewhat limited compared to the standard current account in that it does not come with facilities such as a debit card or cheque book. These accounts allow you to set up direct debits and standing orders, and also come with a cash card so that you can take money out from a cash point. However, there is no overdraft facility with the basic bank account, and they are often made available to those on low incomes or credit history problems.

Current accounts offer slightly more than the basic bank account, and the additional features that may be available with these accounts include an overdraft facility (subject to status), a cheque book, and a debit card. These accounts, like the basic bank accounts, are ideal for having money paid in and out and for managing your day to day finances.

Over recent years more and more banks have been offering packaged bank accounts, and these are fee charging accounts with the monthly charge varying from one bank to another. The packaged back account allows you the same facilities and benefits as a current account. However, it also comes with a package of benefits, which often includes benefits such as travel insurance cover, preferential borrowing rates, car breakdown cover, discounts off various services and from a variety of retailers, mobile phone protection, etc. You should always check the benefits package to determine whether you will use the services and products offered, as otherwise it will not be worth you paying the monthly fee for the account.

Packages bank accounts could be mis-sold

Over recent years many people in the UK have upgraded their current accounts with their banks, and have signed up to a packages bank account. Read more

Safety Concerns About Internet Banking

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Savers Can Enjoy Increased Interest Rates

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Banks take taxpayer’s money but won’t lend any back out!

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Many bank staff as confused as customers about cheques

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Half the Population of the UK Don’t Have Funds Set Aside for Retirement

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What is the Next Step for Borrowers and Savers?

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Tougher Regulation For Banks – More Protection For Consumers

“We need a change of culture in the banks and their boardrooms, with pay practices that are focused on long-term stability, and not on short-term profit.”

These were the words of Alistair Darling today when he outlined his White paper on banking. The proposed measures are aimed at preventing a repeat of the banking crisis which led Britain into its worst ever post-war recession. Read more

Different Types of Savings Accounts

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Banks decides to look at quantitative easing to assist economy

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Base rate may have been in line for bigger cut

The minutes of the latest Monetary Policy Committee meeting have suggested that the latest base rate cut of 1.5 percent could actually have been even bigger, as there was room for the MPC and the Bank of England to consider a rate cut of more than 2 percent based on inflation projections. The Bank of England announced earlier this month that the base rate was being cut by a massive 1.5 percent, which was the biggest cut since 1981 and took the base rate down to just 3 percent. Read more

How Are Your Savings?

Most of us struggle to put aside as much money as we can into savings, especially in the current financial climate, and we all want to know that our savings are as safe as possible. However, with the financial turmoil being experienced by the UK and other major nations around the world consumers are becoming more and more jittery about just how safe their money really is. Read more

What does the latest ruling in the High Court test case into bank charges mean?

The presiding judge in the ongoing High Court test case in to banking overdraft charges has recently made an announcement that has pleased the banking industry at a time when many are relieved to finally have some good news. The battle over bank charges began several years ago, when the Office of Fair Trading branded the charges that banks charge when someone goes over their overdraft limit as being unfair and unlawful. Read more

Did Darling know about the Icelandic bank collapse?

Earlier this month UK consumers were shocked after the collapse of Icelandic bank Landsbanki left many fearing for the savings that they had placed in UK branches of the bank. Many had been persuaded to put their cash in Icelandic accounts such as Icesave over the past couple of years due to the high rates of interest that were being offered. In fact Icesave spent a considerable amount of time at the top of the best buy tables because of the interest rates offered. Read more

Compensation process begins for Icesave customers

Earlier this month there was widespread panic amongst consumers, charities, local authorities, and businesses when the Icelandic bank Landsbanki collapsed, leaving many people, firms, and agencies that had put money into high interest Icesave accounts wondering whether they had lost all of their money. The panic became worse after it was revealed that the Icelandic authorities were failing to honour obligations with regards to compensating UK consumers. Read more

Savers worry about where to put their cash

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Banks find out that their charges are most likely unfair

Over the past couple of years the bank charges applied to accounts by banks have been at the centre of controversy, with some banks charging close to £40 per fee when the customer went over their overdraft limits and for returned direct debits and bounced cheques. Officials from the Office of Fair Trading were concerned because the charges were far too high, because they did not in any way reflect the costs incurred by the bank, which amounted to just a few pounds. Read more

Savers should act quickly to secure good interest rate on savings

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Good news for those with Post Office savings accounts

Many people in the UK have Post Office savings accounts, with many preferring these accounts because they are part of a trusted name. According to recent reports those with Post Office savings accounts will now be able to enjoy greater peace of mind than ever, and this is as a result of changes to the banking system in Ireland. Read more

How does your future retirement look?

Most of us look forward to a comfortable retirement when we eventually reach out golden years, and we all want to be able to spend time travelling and seeing the world, spend quality time with loved ones, and do the things that you simply cannot do when you have work related commitments. However, many of us tend not to bother thinking about how we will fund our retirement when we are in our twenties and thirties – after all, retirement seems such a long way off at that stage. But the years soon catch up with you, and many people may find that they are suddenly thundering towards retirement age with no real plan in place to fund a comfortable retirement. Read more

How much will you need to retire?

For many people retirement is something that they would rather not think about, either because they do not have the money to put towards their retirement fund in the current financial climate where households are struggling to make ends meet due to higher bills and living costs, or because they are relatively young and feel that retirement is a long way off so they can think about it later. Read more

Your 100% savings guarantee could cover the first £50,000

Until late last year the government operated a savings guarantee of 100% on only the first couple of thousand pounds of a savers’ money deposited in a bank or savings account. However, the crisis surrounding the stricken bank Northern Rock changed all this. Following the onset of the global credit crunch Northern Rock, which was then the fifth largest mortgage lender in the nation, ran into massive funding problems and had to take an emergency loan of billions of pounds from the Bank of England. Read more

Inflation levels hit 11 year high

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Get a good deal on your savings from a British bank

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Record deposits in banks for April

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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. Read more

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Bank accounts for students

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High court case appeal should not delay case by a year

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Packaged account charges on the rise

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Prospect of monthly bank charges unpopular with consumers

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Smart saving with a regular savings account

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How you can benefit from a notice savings account

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Different types of bank account for UK consumers

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Are premium bank accounts worth the cost?

Banking in the UK has come a long way over the years, and these days consumers in the UK can enjoy a choice of bank accounts offering a range of perks. In the past the average consumer had a standard bank account and very little in the way of benefits of perks. However, most consumers in the UK can now select from a choice of bank accounts from both the high street and from Internet banks. Read more

Earning money from banks

Over recent years banks in the UK have not seen much positive publicity, and have come under fire for everything from security breaches to hefty charges. Read more

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Over recent years having a decent pension plan in place has become increasingly important for the younger generation of today. Read more

Charge Claimants Can Ask For Strike Outs

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What Are Offshore Bank Accounts?

When someone mentions offshore banking or investments often people immediately think of shady dealings from James Bond films where the rich billionaire baddy stashes his cash overseas to avoid paying UK tax. Are offshore accounts really like that? Read more

Student and Young Person’s Bank Accounts

Start at the beginning

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Should I Open A Business Account?

Good to do business

If you are self employed you will either be a sole trader, (somebody who works on their own), or you will be running a small company. If you are the latter the likelihood is you will be a limited company and will probably have a business account for all your transactions. But as a sole trader, should you open a business account? Read more

How Safe Is Your Internet Bank Account?

The internet is whatever you want it to be. It is such a huge resource of information, good and bad, that whoever uses the internet will find a way to use it in the way that suits them. Read more

Internet Bank Accounts – The Benefits and Drawbacks

It’s a Wonderful Life

Traditionally, the banking industry has been regarded as extremely conservative and accountants as rather boring. But these days the world of banking is far from either boring or conservative. In the past few years it’s seen the last barricades against progress crumble as it has succumbed to the hype of marketing. With all its associated talk of brand values, customer service has arrived in banking. Read more

The Process and Benefits Of Switching Bank Accounts

It’s a free market, competition is positively encouraged between companies and the banking world is no exception. So what do you have to do when you want to change banks accounts? Read more

Savings Accounts – Are They Worth It?

It wasn’t like that in my day

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Opening and Closing Bank Accounts

Come fly with me

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Can I Have More Than One Bank Account?

The more the merrier

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Bank Accounts For Bad Credit Applicants

With all the different products on the market today there must surely be a Bank Account available for somebody with a low credit rating. Or is there?

Read more

How Do Bank Accounts Work?

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