Here are 5 tips when choosing a current account and if you follow these you will be able to get the most from your finances and your choice of bank!
1: Look for the best overdraft!
This is especially important if you spend a lot of time in the red. If you are eating into your overdraft a lot you need to get the lowest interest fees so look for a current account that will offer you this. Some accounts have an interest free overdraft rate for a period of time so it would be well worth going for such if you need it.
If you are mostly in credit and very rarely need to dip into your overdraft it is still important to consider a lower interest rate for your overdraft as you don’t want to be paying over the top charges. Always make sure you have an overdraft as you can be faced with a hefty charge if you are over drawn.
2: Find the little extras that make a difference!
Most accounts offer the usual credit card, debit card or cheque book but some might not so it’s always best to check before you sign up. Some banks offer more flexible options so you can upgrade or change your account as needed so as to make sure you get the extras you need to help you with your finances. From my experience Halifax bank has some good flexible current accounts.
3: Consider any hidden charges!
Some banks have been known to charge for withdrawing money, obtaining a paper bank statement, using your card abroad amongst other things so check which would be suitable for your needs. For instance, will you be travelling for business to other countries and using your debit card for payments? Or will you be wanting a business account that allows you to withdraw money as and when you need it? All these things and more need to be taken into consideration so you won’t be charged over the odds for your type of current account.
4: See if you can get the perks!
You may not think it should be in the deciding factor for choosing a current account but it is worth seeing if you can get something back for joining up with a bank and opening your new account. Some banks offer a sum of cash for opening an account. Some offer travel insurance or air miles. Remember every little helps! Any offers or incentives that go along with opening a new account are subject to availability or for a short period so snap a good deal up quickly as you may blink and miss it!
5: To pay or not to pay, that is the question!
Finally, the current account you choose can sometimes give you more benefits if you go for one that has a monthly fee. Usually this is a small amount and will be helpful if you have your own business, frequently transfer large amounts of money, or travel abroad regularly. Again, this is all to be considered according to your needs and a current account that charges monthly may not be necessary in your case.
In conclusion and bearing all this in mind we need to be smart and look through all the best current accounts
Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.