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There are so many bank account options out there, so which one is right for you?

29th July 2018 Print

Banking in today’s world can be confusing. With so many providers offering a variety of accounts with added benefits and features it can be hard to work out what is the right option for you. Does the account come with a debit card? What is the rate of interest? Is there an overdraft facility? These are just some of the questions you should be asking when it comes to making an informed decision about your finances.  In this article, we will explore the important things to consider when opening or switching your bank account and help get you on the right track to financial success.

What are my options? 

A good place to start is often the bank’s website. Providers like BBT have a fantastic range of products that can be browsed online giving you a comprehensive overview of the terms and conditions and the main features and benefits of the account. Banks will also provide you with advice on how to manage your finances once the account is opened. Online banking can be an important way of keeping track of your spending and so doing your homework early on in your search can really pay off and can give you a head start in successfully running your chosen account.  

What type of card should I get? 

Most bank accounts today come with a debit card facility and this method of payment is growing quickly in popularity. The introduction of contactless technology has seen an increase in debit card purchases as it allows for quick and easy transactions, perfect when you are on the go. Another option that some provider will offer is a cash card. This can only be used in ATM’s making this an ideal option for those who prefer to use cash and monitor their spending.  

Should I be paying an account fee?

Some providers will offer exclusive account features and benefits in exchange for a monthly account fee. This could include mobile phone insurance, free access to ATM’s abroad, free cheque deposits as well as personalised retailer offers to your favourite online and in-store retailers. This is a great option if you are planning to use the account regularly and make use of the perks of the account. However, most banks will have a no-fee account offering basic banking facilities if this is more suitable.

Do I need an overdraft?

An overdraft facility is an additional feature offered on current accounts that allows the user to spend more than they actually have in their account. Usually, a fee is charged for using this facility with the general exception of student accounts. This borrowing option can range in value and is often dependant on a number of factors including the amount of money you intend to credit each month and on your credit score. This is a great option for those who need a bit of flexibility when managing their finances or coping with any unexpected bills.