Recession Proof Current Accounts

By Author: Bonny Kominek
Total Articles: 32
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Too much choice can be as bad as not enough choice. There are so many current accounts on the market now that trying to pick just one is a bit like trying to pick your favourite song, ever. Because of this choice, many people don''t even bother looking and just stick with what they know.

70% of British citizens haven''t changed their current account since 2000. Worse still, is despite economic woes, three quarters don''t plan on doing so, or even thinking about it any time soon.

But contrary to popular belief, choosing the right current account doesn''t have to be like walking blindfolded through a minefield. Comparison websites highlight the pros and cons of each account and if you compare the comparison sites themselves, you should end up with a top five quite easily, which you can then investigate further.

Your current account is the one you use everyday, hence why it is called a ''current'' account. So it is somewhat ironic that people put less effort into choosing a current account than they do into finding the right savings account, loan or mortgage.

For example, some standard current accounts ...
... offer only 0.1% interest which is rather pathetic. However, others such as Santander and Alliance and Leicester (now owned by the former), offer interest rates of 5% on balances up to ?2,500.

This great rate is only available for the first 12 months however. So you will need to switch accounts regularly to get the best rates. Those people who have stuck to what they know for a decade are probably more likely on 1% to 2% interest if they are lucky.

Use comparison sites to thoroughly check the T