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If you use your bank account on a daily basis with no thought on how well it is working for you, then isnít it time you took a look at the various bank account options that are available to you? There is now a variety of bank accounts on the market that you can choose from, each with differing features, incentives and services that could save you money and suit your lifestyle. If you are concerned that you will have to complete endless paperwork and attend several meetings to switch bank accounts then you can think again. Changing bank accounts is now a simple process that can often be done online. Whatís more, many banks now offer an incentive to encourage people to switch bank accounts and endeavour to make the process as simple as possible.

The UK bank account market now offers a wide range of products covering a variety of bank account options Ė including basic bank accounts to particular bank accounts aimed at a particular target market. Below we will discuss a selection of the various types of current accounts which are available and how they suit best. Letís start with the basic current account.

The basic current account typically comes with standard features which are available to all their clients Ė that is just what they are, basic. With a basic bank account you will usually receive free everyday banking, online and phone banking, cash withdrawal from most UK cash machines, monthly statements and a cash card enabling you to buy goods and services in store and online. This bank account is ideally suited to those that are looking for a no-nonsense, free bank account which you can use on a daily basis. High interest bank accounts are perfect for those that like to keep a slightly larger sum of money in their bank account in case of emergencies or for a rainy day. These bank accounts are often over looked and in some cases offer a better rate of interest than a savings account. Be aware though, very high interest rates are usually for a limited time only or with terms and conditions attached so you might have to switch your bank account again soon to ensure you are still receiving the best offer.

Overdraft accounts are only ever suited to those people that find themselves in the red at the end of every month and are incurring lots of fees as a result. If you opt for a low interest overdraft facility or even an interest free overdraft you can find you help your finances in the long term. Ensure you find one that is suited to your needs, otherwise you could find you are penalised with unauthorised overdraft charges which are expensive. Finally, packaged bank accounts are perfect for those that are paying for a host of products and benefits elsewhere. Packaged accounts usually offer you travel insurance, holiday discounts, mobile phone insurance and card protection for a monthly fee. This is fantastic if you will use these benefits and services, however if you do not, you could end up paying for a host of benefits that you do not use.

Above is a selection of popular bank types of bank accounts which are on the market. If you do you research properly then you can ensure you receive the perfect bank account for you with some added extras to help you on your way.


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