Standard bank accounts are sometimes known as current accounts and provide many useful services. You can have your salary paid directly into a Standard Account; settle bills or set up direct debits. These accounts usually provide a debit card which allows you to make cash withdrawals and to pay for items.
Packaged accounts are aimed at customers looking for additional extras on top of what’s available with a standard account. Additional extras such as travel insurance, mobile phone insurance, breakdown cover and cashback are usually available. However, there are often monthly or annual fees associated with this type of account so weigh up the benefits vs the fee and make sure it works for you.
Student accounts are aimed at those studying at university or college. Many of the product features are geared towards the needs of students, such as interest-free overdrafts.
Graduate accounts are specifically designed for graduates usually offering special introductory offers such as 0% overdraft fees for up to three years. These accounts typically offer free day to day banking as well as online and mobile access and allow access to additional preferential products such as personal loans.
Basic bank accounts are available to anyone. They tend to suit people who are unable to qualify for a standard account, perhaps because they have a low credit score or have only recently moved to the UK.