Finding the best current account

Many people lose money each month on unnecessary fees for current accounts because of their loyalty to their bank

08:43 19 November 2013

If you are one of those people who realise that their current account does not offer them enough and the only reason they have not changed it yet is because they are loyal to their bank, you should really try to find alternatives.

There is no reason to lose money each month on something as simple as a current account, so here is what you should look for when searching for a better one.

• Lesser to no interest payments on overdrafts. This is one of the best deals you should look for on a current account, as it offers a fast and cheap way to borrow. Just be sure to check for other types of overdraft charges that may be disguised;

 

• Look for lower penalties fees in current accounts. These penalties usually apply when you take on an unauthorised overdraft, and can reach up to £30 for each overdraft;

 

• Good interest rates on your savings. Some current accounts actually offer better interest rates than savings accounts, so you should always hunt the best deal, as it can help you grow your funds without doing anything;

 

• If your balance is always high, you should search for a current account that rewards that by granting discounts on insurances or even train or cinema tickets;

 

• Student accounts are also one of the best solutions for people under 21 years of age, as these current accounts generally have better overdraft offers and many other discounts.

These are just some of the reasons why sticking up to your old current account should not become a thing of comfort or loyalty. There are many offers to choose from out there, and you can certainly find the right one for you.