Top tips for choosing a Current Account

There are a variety of things that you need to consider when you choose aback account for your everyday banking. It is important to choose the right account for you, here are some tips to help you find the right current account.


There are many current account choices out there, it can seem like a daunting process at first when trying to choose the right one. The account that you choose is there for your day to day banking needs, it must also work with the way you usually bank.


1. Being loyal isn’t always the best policy


We often view loyalty as a good thing and something that will lead to discounts and better treatment, however, in the banking world it’s pretty safe to say that you will rarely get rewarded if you stick with the same bank that you and your family have been with for your whole lives so far. The market benefits new customers, it is often the case that new customers will be rewarded a lot more than those loyal customers that have been with their bank through thick and thin. So, we advise that you shop around, especially if you have been with the same bank for a long time. It is relatively easy to compare the different accounts on offer and how they compare to the account that you currently hold.


2. Understand your ‘banking style’


Looking through your recent bank statements, looking at your income and outgoings is a very good idea. For example, if you see that you are usually in credit every month then you should go out and look for a current account that rewards you for being ‘in the black’ every month. If you are usually in credit then pay close attention to interest rates that are on offer, this means that your money will be working for you whilst it sits in your account. If you find yourself mostly in the red then you should consider different options.


3. Find the deal for your overdraft


If you usually spend most of the month in the red then it’s vital that you look for a current account that has a very good overdraft deal. A lot of current accounts come with interest-free overdrafts – this is either offered for an introductory period or or a lot longer. If you’re constantly having to pay interest on your overdraft then you should definitely shop around for a better deal.


4. Are the extras important?


Before making your final decision it’s key for you to think if you need any extras to help you with your day to day banking, things like a chequebook, pass-book, or debit card. Some people take these things for granted but they are not automatically offered with every account, so check before you apply.