Choosing the right account in the first place
It might be all well and good thinking you want to open a current account or switch to a new bank, but how do you go about deciding which one?
We’re all different so it’s really important to make sure you’ve got the right current account for your needs. For some it’s all about interest on your credit balances, for others a better overdraft rate. A number of current accounts now also come with additional perks, such as cashback on your spending so it’s worth exploring what’s most important to you.
Whatever your needs we can help you find the account that is right for you. You might think well there’s only a handful of banks so there can only be a handful of current accounts to choose from right?
Not really! At comparethemarket.com we have over 100 bank accounts to choose from. Don’t panic, this doesn’t mean it’s any more complicated as we’ve sorted them conveniently to meet your needs. You can choose from:
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.
Basic bank accounts are available to anyone – you don’t have to be on the electoral role to qualify. 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.
Packaged accounts are aimed at customers looking for more than what is 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.
These types of 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. The main banks also have advisers who are specially trained to deal with the problems and issues students often face when they’re managing their finances for the first time.
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.
Once you’ve decided which type it is that you need you’ll be able to see a convenient list of only those accounts that fit the bill. We’ll detail the interest offered, overdraft rates and details or any perks.