Get a Better Deal For Your Money

Despite the fact that some people hold current accounts that offer little or no interest on their hard earned cash, we all seem to be reluctant to switch our current accounts. However, it is never too late to re-evaluate and take stock of how your personal finances are managed.

To make the most of your well deserved wages it’s crucial to find a current account that will provide the best return while meeting your specific financial requirements. There are many current accounts available, from specialist to basic, all of which will offer various deals and incentives, but which one is best Can be hard for consumers to decipher.

Basic current accounts are straightforward transactional accounts where you store your cash and take it out, as and when you need it - the money stored in the account earns you interest.

It is quite common for current accounts to offer an overdraft facility with a pre-agreed limit; however, if you have a history of overspending, beware of accounts with extensive overdraft charges levied on accounts. In such situations, the best resolution is to try and manage your money more responsibly in order to prevent any charges being incurred in the first place; although this can be easier said than done. Look for accounts that offer tools to help you manage your money and prevent you from slipping into the red in the first instance.

Many banks will offer accounts for students and young people to help them manage their money for the first time. Many also offer graduate accounts to help those who have finished their university career manage their debt effectively for a set time - many of these accounts offer various incentives and additional support services to invite students to become customers.

A range of current accounts offer special incentives along with the traditional transactional account, which include packaged accounts, premier accounts, added-value accounts or premium accounts. These accounts offer a wide range of benefits such as breakdown cover, travel insurance and mobile phone insurance.

With some special incentive current accounts it may also be possible to choose the extras you would personally prefer to add. However, it is important to understand that packaged accounts charge customers a monthly amount for these special benefits, so it’s worthwhile checking that the fees are worthwhile and that you will actually use the benefits that are on offer.

When considering your current account, look for an option that suits all of your needs and ensure that you choose an option with all of the features – from interest rates to benefits – that are right for you.

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