Tips on Choosing the Best Current Account

Image courtesy of Andrew Czap
Image courtesy of Andrew Czap

There are many choices for current accounts these days. Not only ware there lots of different financial institutions to choose between but there are also many different types of accounts offered by the same places too, so it means that there is a lot of choice. It is also a lot easier to switch accounts these days which means that you can change direct debits, standing orders etc really easily without worrying that things will not be paid on time. It can be really confusing though and many people just stay with the account that they have to save themselves the hassle of having to make changes and even having to do any research. However, it is worth thinking about whether you are with the best current account as changing could make a significant difference.

It is worth thinking about what you need from a current account. You may think that you have all you need, but there are likely to be better accounts out there. Perhaps ones that pay interest, for example or one that has a lower overdraft fee. It is certainly worth giving it some thought.

Firstly you need to think about what you use the account for. You may keep a small balance of money in there and wish you could get interest on it, you may have pay going in and bills going out, you may use the overdraft. It could be that you have a debit card, cheque book, paying in book etc. You might like being able to draw money from an ATM, go into a branch and talk to staff. It could be that you get free insurance as part of a monthly payment for the account and think that is a good deal. There are many features and it is worth thinking about those you have, which you use and whether you might benefit from having other features in addition to what you get.

There are comparison websites that you can use which will allow you to be able to see what different accounts and different financial institutions have to offer. These can be really useful as they will not only enable you to see which you think will be the best but they will sow you all the available features that they have. You may find that there are features that you did not even know were available but would be really useful to you and therefore you could learn a lot. This is also a lot quicker than having to look at the accounts all separately to find out what features they have and then having to look at lots of other websites as well. There may be some that are not included but you will still get a general idea of what is available and what sort of current account you think will be the best for you. Then you will be able to take a look at some of the websites of those which are not on the comparison website to see which you think will be the best one for you.

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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