Guide to Current Accounts
There are many current accounts available today from Basic Bank Accounts, to accounts to suit specialist needs such as Foreign Currency Accounts. Here at Compare Online Banks, we can help you to find one that’s right for you.
Young Persons Accounts – are aimed at young people and can give them an introduction to how to handle money. They often come with a card for cash withdrawal at a young age and then a debit card after the age of 15/16. Free gifts such as CD’s and DVD’s are often offered as in incentive to open accounts.
Graduate Account – graduate accounts are for those who have graduated in the last 3 years. Graduate accounts offer many benefits such as a low rate of interest on overdrafts. Graduate accounts require proof of graduation before they can be opened.
Joint Account – A joint account is a convenient way for people to manage their finances together, most banks will let you open an account with a relative, partner, flatmate or friend. You can have a joint account in addition to a personal one and many people use joint accounts for bills and other household or joint payments.
A Cheque Book Account – Cheque book accounts are a clever way to save without having to give notice on money withdrawals. They often have higher rates of interest than regular current accounts and they may be especially useful for small businesses.
Foreign Currency Account – This account may be useful if you often have to make payments in another country – for example, if you do a lot of work in the US, you can open an American Dollar account within the UK at many banks.
A Student Account – A student account is aimed at those in higher education for example at University. The account can be open for as long as the person is at the institution and offer perks such as an interest free overdraft. You must be able to prove you are in full time education to be eligible for this account. Student accounts too often offer free gifts when accounts are opened.
Online Account – An online account is excellent in terms of connivance as the internet does not operate 9-5. Online accounts are a great way to manage your money without the hassle of being restricted to office hours. You can also communicate with banks via email and online help which many people prefer.
High Interest Current Accounts – Many current accounts now offer competitive rates of interest and you may find that you benefit financially by looking around and seeing what rates are on offer. Many banks also offer incentives and special offers to encourage the switch.
Please take your time to read the reviews of the banks provided and visit their websites to find out more about their current account options.