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choosing the best current account

There are many current accounts available from banks and bulding societies, some are branch based whilst others are internet only accounts, but how do you know which current account is right for you?

The answer to this is not straightforward as it really depends on what you require of your current account, but here are some features you should look out for when choosing a current account.

Interest Rates

Most current accounts do not offer a great deal of interest, but there have been some banks and bulding societies who do now offer good interest rates on their current accounts including Halifax and Lloyds Bank.

These accounts usually require that you pay in at least £1,000 a month, which usually means they want your monthly pay packet paid into the account so you use them as your main account and do not use anybody else.

If you do not keep a lot of money in your current account throughout the month, then a good interest rate may not be high on your wish list.

Cashpoint Location

The more cashpoints that are available to you the better, you may want to open an account with a branch that has a cashpoint that is easy to get to, like it might be near your house or has a car park nearby.

Opening Incentives

First Direct usually give you anything up to £50 to open a current account with them, which is really good. So always look for an incentive when opening a new current account, they may even have an incentive program which when you introduce your friends to the bank you receive an incentive, so how about asking a friend if there bank has this incentive and then split the money, if you decide to sign up.

Branch Opening Hours and Internet Banking

It may be important to you to have a bank which opens on a Saturday morning, a lot don't but what if you need to visit the branch and cannot get to one during your working week or at lunchtimes, Saturday morning opening is then a crucial factor to consider.

Most current accounts come with account administration via the internet now, this is great as you can then run your account 24 hours a day, 7 days a week. Make sure your bank offers this service, if it's important to you.

Summary

These are just a few of important points to think of when opening a current account.

Related Sites of Interest

Alliance and Leicester Premier Direct Current Account
HSBC Current Account