Find Bank Accounts for your Personal Needs

Great ways to find the best current account for you!

Most Banks and Building Societies offer current accounts. They are probably the most standard financial product that they offer. There are a variety of different accounts to suit your situation such as business accounts, saving accounts, fixed rate accounts and offshore savings accounts. Organising and managing your money is a lot safer and easier when you have a bank account. Most jobs will not allow you to be paid unless you have a bank account. Also most unemployment agencies will not allow you to sign on without one. With bank accounts you can save money, receive money from abroad and stay in charge of your finances. There are numerous options but it is best to shop around before deciding to take one. Many bank accounts have very good opening offers such as £50 for making that new account as your main bank rather than any other. Sometimes banks offer free travel insurance and other perks. They main thing to check for is accessibility to your account and the interest rate. Most bank accounts have a low interest rate but some are higher than others. Make sure you check for these things before you delve in.

Current Accounts – Designed For Your Everyday Money Needs

Current accounts are a popular product and are an essential part of our financial lives with most people in the UK having one. They provide an instantly accessible place for your money helping you manage your money on a day to day basis. They are usually the place where your salary is paid in or any benefits go to. You can pay people from this account, set up standing orders and withdraw money from cash points. Setting up standing orders and direct debits from a current account for regular payments you have to make like bills means you do not have to worry about missing payment deadlines. Most accounts will also come with a chequebook and a card that you can use to withdraw money and make payments easily. Some current accounts also offer interest on the money you have on the account, although the rates are often lower than on a savings account.

The way current accounts work is you pay your money in and out through a variety of methods, through branches, over the phone, online or at your local Post Office. With a current account you usually receive monthly statements through the post or most offer online statements. Statements show all your transactions and what money has come in and gone out and whether you have received any charges. Online banking is a great feature of many current accounts. Internet banking is fast, safe and convenient. You do not have to travel to your nearest bank for many basic services and you can access your account 24 hours a day. You can also access your statements instantly, make transfers quickly and schedule monthly payments to be made out of your account automatically.

How to choose the right account for you

Current accounts are designed for your everyday money needs in mind and the right account will depend on you and your requirements. You should ask yourself whether you are usually in credit, if you are often overdrawn, whether you need 24 hour a day banking and if you are interested in extras such as travel insurance and breakdown cover. There are special accounts designed for students with exclusive offers geared specifically towards students such as interest free overdraft facilities and free railcards. Some current accounts come with a range of additional benefits, such as types of insurance for a monthly fee. You may also be given discounts for other services, for example sending money abroad. Many bank accounts offer incentives with their accounts such as free gifts and vouchers but do not just be drawn in by these. Without these does the account still offer everything you are looking for?

The market for current accounts is competitive because they are such popular products. With so many vying for your business you should research thoroughly to find the best deal for you. There are hundreds of accounts to choose from. You should think about the things you’ll be using the account for. You may want to choose an account that can be managed online or via the phone and whether it has a 24 customer service line. Age restrictions may apply, you can usually open an account quite young but you may not have full access to all the benefits. Please note that you will have to provide some identification to open a current account which can include a passport, and proof of your address such as a bill. You may also find that you need to pay in a minimum amount each month to qualify for certain features such as particular interest rates.

Overdraft facilities

Some current accounts come with an overdraft facility which is essentially borrowing money from the account provider. If you exceed the available balance in your account and go into a negative balance, then you enter your overdraft. Some accounts may offer overdrafts on an interest free basis. However, you should watch out for charges as some banks may charge you for this facility and rates can vary. If you do not have an overdraft facility and you go into a negative balance you should expect these fees to be much more expensive. Don’t spend money you don’t have in your account without arranging an overdraft. You need to make sure you do not go beyond your overdraft limit or you will face costly charges which can easily mount up.

What you need to know:

  1. When choosing a current account think about the type of account you need, whether you are offered an overdraft facility and how much it will cost and if there is not overdraft how much it will cost to go overdrawn.
  2. To avoid charges you should know how much money you have in your bank account, keeping an eye on all what is coming in and all your outgoings.
  3. Watch out for any hidden charges with some account providers. You could be charged for duplicate statements, banker’s references, status enquiries and access to money or services abroad.
  4. Don’t be afraid to switch current accounts if the charges are too high or you don’t think you are getting a good deal. Most people tend to stay with the same bank but by switching accounts you could get access to better rates and offers. Switching your current account is simple nowadays.

Looking to save money for the future?Saving money for the future is becoming more and more important for people in the UK. If you want to put money aside then a savings account is where you can safely put your money, where it will earn interest over time. Savings accounts are a really easy way of growing your personal fortune and there is little risk involved. People put money away for any number of reasons: It could be that you want to save for something in particular like a house, car, a holiday or wedding, your children’s future, or it could be that you want to put some money aside so you are covered should anything unexpected happen like you lose your job or need to pay for emergency home or car repairs. Savings accounts are a great way of saving for the future and being prepared for any unexpected emergencies.

How to choose a savings account

You need to find an account that suits you so you will get the most out of your money. When choosing an savings account consider firstly how much you want to save for, for how long and how much money you can afford to save on a monthly basis. When researching the market look at whether you need a certain amount just to open the account. One of the most important factors to consider is the interest rate that you will earn on your money and this should be a priority when comparing different accounts. Think about whether you want a fixed interest rate or if you don’t mind for it to vary. You may also be given the decision as to whether you want the interest paid monthly or annually.

It can be very convenient to open a savings account with the same providers as your current account because you can manage your everyday expenses through your current account and quickly transfer money into your savings account. However, you may find you could be making better savings elsewhere. Another thing to watch out for is any fees that occur for using the account as some providers may charge you for withdrawing cash from a cash machine or an annual fee just for using the account.

Compare current and savings accounts online

As with any account, it pays to shop around to find the best deal especially as not all accounts are the same. Your lifestyle and the way you manage your finances should determine the right account type for you. The best way to find an account is to compare them online through sites like Which Way To Pay, an unbiased and independent comparison site, which offers user friendly and comprehensive comparison tables. Make sure you compare all the features of different accounts including the interest rates, weighing up the pros and cons of each one to come to the right decision for you.

Saving Account

Do you want to save some money for later – Maybe for your wedding, a car, a house of just for the case of an unexpected emergency? A saving account is probably the best place to save your money.

It is the safest investment you can do as there are no risks of losing the money. You will get a fixed interest rates and your money will steadily get more. The rates are much higher compared to normal bank accounts. You will have no direct access to this money as you don’t get a card for it. This is a security against spontaneous and rash buys. Usually you set the account for a fixed period of time. The longer this period is the higher the fixed interest rates will be.

However, there are some bank institutions which provide easy access saving accounts for those who want to put money aside but want to have direct access to their savings.

Usually you establish a saving account with a bank but there are some online accounts which provide saving accounts as well. These are more flexible and convenient and can be managed online. Furthermore they can offer lower interest rates as they don’t have many administration costs. Usually the companies require a minimum deposit which can be in some cases very high.

There are many different offers on the internet. Due to that you have to shop around until you find the perfect company which will save your money.

Different bank accounts for different needs – what is available?

The so-called basic account is available at banks or building societies and is offered to people with a bad credit history. It is a bank account with no extras, but has the main features of the transaction accounts. A current account can be opened at banks and building societies as well and usually comes with a debit card and overdraft facility. A credit card will probably be offered as well. A variation of the current account is a packaged account. This is a current account which, for a monthly fee, has extra benefits. These can be a travel insurance, better savings rates, share dealing services and more. The benefits one can receive usually depend on the fee, which can be rather high, and therefore it is best to check what they are before opening a packaged account.

Everybody who wants to put some money aside for the future or to save up for a purchase should take advantage from the benefits of a savings account. On a savings account more interest is paid and thus one can make one’s money grow. The interest rate usually is variable, which means it can change either up but down as well. If one wants to avoid this change it is possible to open a fixed rate savings account. On a savings account the interest will be higher, but one won’t be able to access it for a given time.

Current accounts offer the best solution for managing your money.

Nearly everyone has a current account and the internet is full of offers. But how do you know which account is best for you?

Current accounts are offered by most banks and building societies. If you already have a current account you know how many advantages they have.
First, you can get cash at the ATM or pay directly in the shop with the debit card. Furthermore you can check your financial situation via online banking all around the world. It is very easy to pay bills online and the do transfers within a few minutes.
However, there are many different offers on the market and you can choose the savings account which suits you best. This depends on how you use your account. There are for example special offers for students which provide interest free overdraft facilities or free rail card packages. You can find some current account providers which offer a free insurance, commission free foreign currency or other discounts.

A current account is the best solution to manage the money you spend every day and to receive your salary. Most of the accounts are free but some of them charge a small monthly fee. However, you have to pay attention for the interest rates for overdraft.
You have to shop around to find the best offer for you. Which Way to Pay can help you to compare all the offers online.

Everyday Bank Account – Current Accounts

A current account is also known as an everyday bank account and almost everyone in the UK has one. It is best used to hold the money that you spend on a regular basis for things like day to day living costs, household bills and they are usually the place where your salary gets paid into. The way current accounts work is you pay your money in and out through a variety of methods, through branches, over the phone, online or at your local Post Office. You will then receive a monthly statements either through the post or online which shows all your transactions and what money has come in and gone out.

Why Should You Get A Current Account?

-          Free everyday banking

-          You can pay people from this account

-          Current accounts provide you with a debit card which you can use at cash machines and in the shops.

-          Most accounts will also come with a chequebook that you can use to make payments easily.

-          Online Banking – Online banking is a great feature of many current accounts. Internet banking is fast, safe and convenient. You do not have to travel to your nearest bank for many basic services and you can access your account 24 hours a day. You can also access your statements instantly, make transfers quickly and schedule monthly payments to be made out of your account automatically.

-          Some current accounts offer interest on the money you have on the account, although the rates are often lower than on a savings account.

-          You can set up standing orders and direct debits from a current account for regular payments you have to make like bills meaning you do not have to worry about missing payment deadlines

How To Choose The Right Current Account

The right account will depend on you and your requirements. Recently the UK current account market has diversified to offer a wide range of products covering everything from basic accounts to packaged accounts and others aimed at particular target markets. For example there are special accounts designed for students with exclusive offers geared specifically towards students such as interest free overdraft facilities and free railcards Packaged current accounts can have a wide range of additional offers and benefits including features such as higher credit interest, free home, car, travel, mobile phone, breakdown insurance, protection from identity theft, you can earn airmiles, travel benefits and discounts and also commission free foreign currency. Bear in mind that while many current accounts are free and won’t cost you anything as long as you do not go overdrawn, other more advanced accounts, for example those offers additional benefits like travel insurance, may charge a small monthly fee. Many accounts offer incentives with their accounts such as free gifts and vouchers but do not just be drawn in by these. Without these does the account still offer everything you are looking for?

There is a wide range of different accounts and benefits available so you should shop around to find the best one for you. With so many vying for your business you should research thoroughly to find the best deal for you. There are hundreds of accounts to choose from. You should think about the things you’ll be using the account for and always watch out for any hidden charges that may apply. You may want to choose an account that can be managed online or via the phone and whether it has a 24 customer service line. Age restrictions may apply, you can usually open an account quite young but you may not have full access to all the benefits. Please note that you will have to provide some identification to open a current account which can include a passport, and proof of your address such as a bill.  You may also find that you need to pay in a minimum amount each month to qualify for certain features such as particular interest rates.

With some providers you will be offered an overdraft facility which is in essence borrowing money from the account provider. If you exceed the available balance in your account and go into a negative balance, then you enter your overdraft. Some accounts may offer overdrafts on an interest free basis. However, you should watch out for charges as some banks may charge you for this facility and rates can vary. If you do not have an overdraft facility and you go into a negative balance you should expect these fees to be much more expensive.

Saving Money For The Future – Savings Accounts

If, like many in the UK you want to start saving for the future with a savings account you put your money safely aside, where it will earn interest over time. Savings accounts are a really easy way of growing your personal fortune and a great benefit is that there is little risk involved. People put money away for any number of reasons: It could be that you want to save for something in particular like a house, car, a holiday or wedding, your children’s future, or it could be that you want to put some money aside so you are covered should anything unexpected happen like you lose your job or you need to pay for emergency repairs. Savings accounts are a great way to make sure you are financially secure should the unforeseen occur.

How To Choose The Right Savings Account

You need to find a checking account that suits you so you will get the most out of your money. When choosing an account consider firstly how much you want to save for, for how long and how much money you can afford to save on a monthly basis. When researching the market look at whether you need a certain amount just to open the account. One of the most important factors to consider is the interest rate that you will earn on your money and this should be a priority when comparing different accounts. Think about whether you want a fixed interest rate or if you don’t mind for it to vary. You may also be given the decision as to whether you want the interest paid monthly or annually.

It can be very convenient to open a savings account with the same providers as your current account because you can manage your everyday expenses through your current account and quickly transfer money into your savings account. However, you may find you could be making better savings elsewhere. Another thing to watch out for is any fees that occur for using the account as some providers may charge you for withdrawing cash from a cash machine or an annual fee just for using the account.