ALL >> Business >> View Article
Understanding Current Account Features

These days, current accounts offer a wealth of services and features wrapped into a single bank product, but they can differ significantly depending on which package and provider you opt for.
My previous article titled 'Top Tips on Choosing the Right Current Account' outlined the main considerations you need to keep in mind when shopping around. The following article will explain the features offered by a personal bank account in further detail.
Most Common Features Offered By a Current Account
The majority of personal bank accounts include these fundamental features:
Debit (Cash) Card
This will allow you to conveniently withdraw money or check the balance on your bank account at any time using one of the many cash machines available across the UK. You can also use your debit card to make purchases from retailers, including online.
Checkbook
Providing you are 18 years of age or older, most current account packages will also provide you with a checkbook so that you have an extra option in terms of how you prefer to make payments.
Direct Debits
This facility is ...
... highly convenient in taking care of your regular payments. Setting up a direct debit ensures you will never miss a payment because the funds will automatically be taken out of your account at the same time you agree on every month.
Top Features to Look Out For In Personal Bank Accounts
Account Charges
There are many free current accounts available on the UK marketplace, so unless you have more complex banking needs there is no need to pay to open one. Be aware however that while some bank accounts are free, they might incur high fees for an overdraft facility or for international money transfers. In some cases, while some banks charge a monthly or transactional fee, their rates on other features might save you money in the long run. Make sure you thoroughly research what's on offer.
Interest
Some banks offer interest-bearing current accounts, where you earn additional money on your bank balance amount. These often come with minimum balance requirements however, so be sure that you have a set amount consistently in your coffers or you could end up paying more than the interest you earn.
Overdraft Facility
Almost everyone has ended up overdrawn on their account, no matter how careful they normally are in keeping track of their personal finances, and this can incur shocking penalty charges. Especially in the current economic climate, an overdraft facility can be a godsend, since it covers your extra or unforeseen expenses through a line of credit that can be paid back in convenient monthly instalments or in full at any time. Bear in mind however that this personal banking feature is only available to customers who qualify as having a minimum income level and credit rating. If you're interested in having an overdraft to cover any shortfalls, be careful to shop for those with competitive interest rates and low charges if you exceed the overdraft limit.
Convenient Banking
In this age of advanced technology, there is simply no reason you shouldn't have 24/7 access to your bank account. In other words, the ideal bank should offer convenient local branches, easy telephone contact and secure internet access to your finances. Some banks these days operate purely online, so can offer more competitive rates than banks which have the extra overheads of High Street outlets.
Conclusion
The good news is that these days there is a huge variety of options to suit every type of person when it comes to choosing a personal bank account. Along with researching and comparing the offers available, the above guide will help you find the features that take care of your finances best.
Sean Raston is an economics student and expert in personal bank accounts.
Add Comment
Business Articles
1. Why Bergercpafirst Stands Out Among Cpa Firms In New Jersey, Manhattan, And NycAuthor: bergerCPAFirst
2. Restoring Functionality: The Importance Of Local Expert Upvc And Aluminium Door And Window Repair
Author: Vikram kumar
3. How Custom Printing & Packaging Helps Mumbai Businesses Build Stronger Brand Identity
Author: Walid Shaikh
4. Role Of Marble Ganesh Murti In Festivals And Rituals
Author: Madhav Arts
5. 2025 Trends: Heavy-duty Paper Bowls Shaping The Dessert Industry
Author: Gujarat Shopee
6. How To Join Shade Cloth Together: Your Easy Guide
Author: DIY Shade Sails
7. Top 7 Benefits Of Asterisk Development For Modern Businesses
Author: Jack Morris
8. Experience The Wellness Benefits Of A Sauna In Kelowna
Author: Duke John
9. Reputable Pintle Bush Distributor In Dubai Uae For Marine Use
Author: Anbu Thalapathy
10. Trustworthy Stern Tube Bearing Manufacturer In Dubai Uae For Marine Sector
Author: Anbu Thalapathy
11. From Pigment To Perfection: Koel Colours In Colour Cosmetics Manufacturing
Author: Kanika shah
12. Top Benefits Of Lithium Batteries For Caravans And Travel Trailers
Author: trailercamper
13. Real-time Competitive Price Tracking : Boost Revenue By 18%
Author: Actowiz Metrics
14. Iso 42001 Vs Iso 27001 Certification
Author: Sqccertification
15. Best Office Cleaning Suppliers In Dubai – Facilico Facilities Management
Author: Facilico