Did you know in some cases moving your money from a savings account to one of the different types of current accounts can save you hundreds of pounds in bank fees? Making the move to this sort of an account gives you more flexibility with your money, by allowing individual tailoring to fit your financial needs.
Compare Current AccountsA current account is designed to deal with your day to day expenses. Unlike a savings account which is meant for long term planning, current accounts allow you more financial litheness which can lead to you making some extra money.
What is a Current AccountFirst ask yourself a simple question, "what types of current accounts are available, and do I need one?" How you spend your money will determine the answer to this question. If you spend all of your money each month this may not be the type of account for you. If on the other hand, at the end of the month you have a credit to your account, then you have several options available when it comes time to compare current accounts.
Current Account ComparisonSome accounts require a minimum monthly credit, while others charge a monthly fee or offer overdraft protection. If you are typically in the credit each month consider a high interest account in which you can benefit from being a good warden of your money. However, be careful of accounts offering high interest for a short period of time, because your benefits may be reduced by higher monthly fees. Having a savings account to shift funds from your current account into can help save you some money in this situation.
Online Current AccountsInitially, checking on the interest rates and overdraft policies as you begin to compare current accounts is the best way of ensuring you will get the type of account to suit your needs. Choose a bank that offers as many free services as possible, so that you can save money. If you have credit issues you may find it difficult to open this type of an account. If this is the case, then finding a bank with a liberal overdraft policy will be to your advantage. Furthermore, if being able to write a cheque, use a debit card, or making cash withdrawals to purchase goods and services is important to you, then it would be to your advantage to have a current account instead of a savings account. Armed with the knowledge of how you are going to use your account you can begin to compare current accounts. Once you have determined your needs and compared account options it is time to apply for an account. Many banks allow you to complete the process online in addition to coming into a branch office location.
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