7 Common Features of Current Accounts
Current accounts are a popular option with Brits today, in part because of the many features that often come with them. Current account features are often used to make your financial management more convenient, whether it is to provide easier access to your money or a way to protect your account more efficiently.
We have a list of some of the more common features included with most current accounts. We also provide a few extra additions that may be worth shopping around for.
Typical Features of Current Accounts
The large majority of current accounts will include these basic features:
- Cash or Debit Card – This handy card can be used to withdraw money or check the balance on your account through a large cash machine network throughout the UK. Since cash machines never close, the cash card offers you the ability to withdraw funds any time of the day or night. Debit cards can also be used to make purchases from retailers.
- Direct Debits – Direct debits offer the ultimate convenience for those regular payments with which you have to grapple. Instead of dealing with late fees because you forgot to pay your mobile phone bill (again!), you can set up payments so the money is automatically taken out of your account at the same time each month.
- Checkbook – In addition to a cash or debit card, most current accounts come with a checkbook. However, account holders must be at least 18 years of age to enjoy this feature. The checkbook allows you even more option for making purchases and paying bills.
Additional Features
In addition to the basics, many banks offer a variety of additional options so that their current accounts can effectively compete with other financial institutions. These features may include:
- Online or Telephone Banking – Most bank customers today don’t want to have to limit their bank business to standard office hours. Internet banking can be done at a time that is convenient for you, right from the comfort of home. Many companies also offer 24-hour phone service, so you can talk to a live person about your account if you prefer.
- Overdraft Facility – This addition to your current account protects you from accidental overdrafts. When you write a check for more than you have in your account, the overdraft kicks in to cover your debit. You can pay the overdraft back in full or in minimum monthly payments. The specific limit and terms of the overdraft will vary from bank to bank.
- Interest – Some current accounts actually pay you interest on your money, even though this is not technically classified as a “savings” account. Interest rates vary greatly, so if this is an important feature for you, shop around for the best rate possible.
- Post Office Branches – Some banks offer branches within post offices, adding to the convenience of your banking experience. If the bank or building society you choose doesn’t have a brick and mortar branch near your home, find out if they have post office branches that might offer more convenient locations.
There are many features available on current accounts today. By knowing your options and shopping around for the best deal, you can find the current account that will best meet your specific financial needs.
