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CURRENT ACCOUNTS INFORMATION

Below you will see information on Current Accounts.

        

CURRENT ACCOUNTS

Current accounts are an essential part of our financial lives and almost anyone can get one. They are mainly used for your everyday spending and transactions and are offered by a wide range of banks across the UK. With such a wide variety of current accounts on the market finding the right one for you can be difficult. There are many types of current accounts available that suit different needs from standard current accounts to accounts designed specifically for businesses and students or even those geared towards people with bad credit.

To get the most for your money it pays to shop around. When deciding on the right account, make sure you think about your circumstances and how you will use your account. Listed below are different types of current accounts offered for people in the UK.

Current Accounts (Standard)

Most people in the UK have a standard current account which is the best place to put the money that you need for everyday spending. With almost all current accounts you will get a chequebook and a cash or debit card but most banks also offer online banking so that you can have access to your account whenever you like and make payments and transfers easily online. Most people in the UK stay with the same bank but by switching your current account you could get access to better rates and offers.

Current accounts are a popular product and so the market is very competitive but, if you research properly you can find the right deal for you. A great way of finding the right current account is to compare them looking at the main features such as interest rates and overdraft facilities but also look at any added benefits. Remember that you might be subject to a credit history assessment when applying and also make sure you look at any excess or overdraft fees which can be expensive.

Offshore Current Accounts

There may be many reasons why you might need an offshore current account. Despite many misconceptions they are mainly designed mainly for UK citizens who live abroad, but if you are travelling or working abroad then you may also consider one of these accounts. They are also useful if you want to purchase property overseas. With an offshore account you can manage your money wherever you are in the world.

Many offshore accounts will most likely have all the same features as ones at home however this does vary depending on the account you choose. It is worth noting that some accounts may charge a fee and have certain requirements such as that you earn a minimum amount.

Business Current Accounts

Business accounts allow you to keep your business transactions separate from your personal finances but they work much the same as standard current accounts. Whatever the size or type of your business you should consider a business account especially because they make it easier to manage your corporate finances. To ensure you choose the right business account you should assess your companyís individual needs and then find the account that best suits your requirements.

It pays to shop around and do your research because each bank will have different features, transaction charges, interest rates and added benefits. For example some banks offer free banking for a certain amount of time. You should find an account that can offer the best interest rates and has a quality online banking service so that you can access your account instantly whenever you need to. Please note that you may be required to provide some documentation regarding your company in order to open a business account.

Student Current Accounts

Off to university? Being a student can be expensive and as you are unlikely to have a regular salaried income while you are studying you need an account that is especially catered to you, that will help your money go further. Student current accounts are especially designed to help students while they are studying. Essentially these accounts operate much the same as other current accounts in that you can deposit money and make payments. Because you may very well end up staying with the bank for a while, there are many banks vying for your business and so there are many student accounts to choose from.

What are the benefits of a student account? When you are studying you may need to pay for things like rent, books, accommodation and travel. Many student current accounts offer exclusive offers deals and added benefits geared specifically at students. Most students will at some point need access to an overdraft facility and with student accounts you donít have to be charged for it. From interest free overdrafts to free railcards or other discounts there are a variety of incentives that banks offer to students.

Most student accounts have no fees unless you exceed the overdraft limit in which case the charges can be expensive. Remember with an overdraft facility even though it is interest free the money still needs to be paid back. You should also be warned that the terms of your account may change after you have completed your studies.

Bad Credit Current Accounts

Considering the economic climate getting an account with bad credit is becoming increasingly more difficult. If you have bad credit then you may have experienced difficulties in opening a current account with a bank in the UK. With a bad credit current account, which is geared specifically for people with a poor credit history, you can avoid the banks and open an account often without a credit check. These accounts are essentially online banks accounts through which you can make payments and transfers, set up standing orders, receive salaries and generally manage your money.

The downside of these accounts is that they do not overdraft facilities and bad credit account services do not offer interest on the money in the account which is why anyone can get one. However, they are managed accounts in that the account is assigned with a personal manager who you can contact directly. Each account will have different features and benefits and you should take your time when deciding on the right account for you. Some accounts will have registration and admin fees which will vary on the account provider.

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