Current accounts are available at just about every bank and building society today. These accounts provide a wide range of services within a single bank product. However, not all current accounts are created equal in terms of the value they provide and the features they include.
Consider these five features to look for in a current account that will ensure you get the best account for your needs.
Interest
Some current accounts do pay interest on the balance, which lets your money work for you while it is on deposit. However, interest-bearing current accounts often come with minimum balance requirements as well. If you can’t keep the minimum balance in the account, the charges you pay may be more than the interest you earn. If you can keep up the minimum, look for the highest interest rate possible.
Free Account
There are plenty of free current accounts available, so don’t settle for a product that charges an exorbitant amount of fees for account use. Most banks will charge for overdraft facility or additional services like international money transfers.
If your bank wants to assess a monthly or transactional fee, find out what the fee encompasses. Then shop around to see if you can find the same features and services for less.
Direct Debit
This is another standard feature with most current accounts today because it provides ample convenience for the account holder. Instead of writing a check or calling in a payment every month, the customer can simply set up a direct debit from the account. This feature automatically pays regularly occurring obligations so you don’t have to keep track of due dates and post schedules any longer.
Easy Access
In this computer age, there is no excuse for a bank or building society that doesn’t offer you 24-hour access to your money. This can be done through a 24-hour telephone service, Internet banking or a combination of the two. If you want personalized service to be available as well, look for a bank that offers brick and mortar branch locations or post offices near to your home or office.
Overdraft Facility
There is nothing that can ruin a day like charges you receive from overdrawing your account. However, it happens to nearly all of us at one time or another, whether you make an error in your record keeping or come up slightly short on funds at the end of the month.
Overdraft facility covers those expenses through a revolving line of credit that can be paid back in full at any time or in easy to manage monthly installments.
Overdraft facility is only available to those who qualify based on income level and credit rating. Look for low interest rates and charges for exceeding your overdraft limit to find the best overdraft facility possible.
There are plenty of choices in current accounts today, with many branches and building societies offering their own multitude of accounts to appeal to a range of customers. These five features are guaranteed to make your banking experience as inexpensive, convenient and pleasant as possible.
