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Current account checklist

Current Account Checklist:
What To Look For When Changing Accounts

A current account used to be like a job—you'd have it for life.  But that's not how things are any more.  Nowadays, people are more inclined to take their business elsewhere if they feel they're not getting the treatment or the service they want and deserve.  If you are in this number, it's a good idea to compare current accounts before making any decisions as to which of the best current accounts is right for you.

Bear the following seven points in mind when you are looking to compare current accounts, to ensure you make the right choice.

1. Overdrafts
Not everyone uses one, but they can be a good idea if you sail very close to a zero balance on a regular basis.  If you are constantly overdrawn on your existing current account you will definitely need to make a list of the best current accounts to consider in this area.

2. Convenient banking
Do you want to be able to make bill payments online at three in the morning?  Does telephone banking appeal to you?  Or are you an old school type of person who likes to pay in money over the counter?

Check which options are available when you compare current accounts; not all of them offer internet banking, for example.

3. Low and transparent charges
Not all current accounts are upfront about their charges, so make sure you do enough digging to figure out which charges apply to the best current accounts available.  Just because an account is popular doesn't mean it doesn't charge high rates for going overdrawn.

4. Local branches
If you want to have a branch nearby, then your first destination should be your local high street.  It's no good applying for a current account with a particular bank if there isn't a branch within five miles of where you live.

If you are with an internet bank you will usually find that the best current accounts will let you pay in over the counter of a particular high street bank.  Check this before you apply for new current accounts.

5. Higher rate of interest
If you pay a lot of money into your current account every month and hold a high balance virtually all the time, look for the best current accounts that offer a high rate of interest on a credit balance.

If you have a relatively low balance for most of the time in your current account, then a high rate of interest won't matter.  Look for other perks instead, such as a low overdraft rate.

6. Statements
Not all current accounts come with paper statements any more.  When you compare current accounts, you'll find that some provide online statements instead.  You will receive an email telling you that you have a new statement, and you can then log into your secure account and view it online, printing it off for your records if you wish.

The best current accounts let you choose how you want to receive your statements, but if you prefer to receive yours through the post, make sure that's an option.

7. The bottom line:  which current accounts match up to your habits?
Not all current accounts suit every single person.  Some are tailored to appeal to those who have a high credit balance all the time, while others will appeal more to those with a much lower income.

The important part is to ensure that you narrow down your search of the best current accounts when you compare current accounts.  You might not be concerned about whether you have a local branch nearby; on the other hand, it could be the most important thing for you.

In short, figure out what you want from a current account before you start researching the best current accounts available today.

Compare the best current accounts

 
 
 
 
 
 
 
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