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.
Tags: bank account, packaged bank accounts, basic bank accounts, bank, finance, Banking
Consumers can bank on changes to Banking Code
November 24, 2007 by admin
Filed under News, News-Banking
Changes are to be made to personal business and Banking Codes as the result of an independent review.
The review was followed up by a public consultation which drew out necessary reforms that will give consumers a fairer deal.
Among the reforms will be a step up in the amount of aid given to customers heading into financial trouble, greater clarity in cheque clearance and information on products and greater transparency of information for credit cards and credit card cheques.
Angela Knight, chief executive of the British Bankers’ Association, commented: “The Banking Code is the charter that sets out how customers are treated by their banks and building societies.
“These revisions to the code reflect the need to keep up with a changing world. It will continue to underpin the treatment and protection customers value and have every right to expect.”
Meanwhile, Paul Smee, chief executive of APACS, said that the improved transparent for cheque users is “great news” for all consumers but especially for those with basic bank accounts as well as small businesses.
