Best Current Account
Reviewing the top 10 best current accounts available in the UK is a great start to finding the best account for you. There is no one-size-fits-all; each person uses their current account differently and needs to find a bank offering the most rewarding options for them. Once you understand how your income and expenditures effect you needs for an account, you can make a choice on which is the best current account for you. It’s your job to choose a bank with an account customized to your needs – it’s our job to point you in the right direction!
Get started by viewing the the top 10 current accounts below:
The 10 best current accounts in the UK include Lloyds TBS, First Direct, Santander, Halifax, NatWest, Nationwide, Barclays, RBS, Secure Trust Bank and HSBC. Many of these have several different options so each individual can find the best option for their needs. For example Lloyds TBS has a Vantage Classic Current account with no monthly charge, a headline interest rate of 4% and an overdraft charge of 19.3% with a minimum monthly credit of 1000 pounds, a Classic Current Account with no monthly minimum credit and an interest rate of .1% and a special Student Account with no overdraft fees. They also offer a massive range of cheap loans.
Individuals looking for the best account with 1000 pounds being deposited every month and accumulating money in this account will be aware of the headline interest rate. This rate is from 0 to 5%. Some financial institutions limit the amount of money the interest will be paid on; investors need to know all the details of the current account they apply for. Individuals operating in the red every month want an institution willing to give them penalty-free loans on their account. People banking by Internet or telephone do not need a local branch with their current account; if they need the services of a local financial institution it is best they look for a bank with a branch office in their area before opening their current account. Customizing the best current account to the individual’s way of doing business makes a banking relationship easier and more pleasant.
Financial institutions know it is a hassle to change accounts. Some of these offer incentives, as much as 100 pounds for people opening a new current account with them; others offer monthly bonuses in cash or other benefits like no overdraft fees for a year. It is easy to switch an account from one financial institution to another. The new bank must be notified of standing orders and any direct debits will need to be given the new information. The new account will provide better service and allow the account holder to retain more of their funds.
By reviewing the 10 best current accounts in the UK, investors will find banks that can save them money in the way they do business. Opening the best current account for you is simply a matter of choosing one which best suits your needs and then completing some paperwork; the money will be earned or saved by this transfer. Banks want new business, which is why they offer great incentives to the customer for opening an account with them.
Best Basic Accounts
Basic bank accounts are an option for people who can’t open a normal account, such as people with a bad credit rating. A basic bank account usually comes without some of the features of other accounts, such as an overdraft and debit card, although cash withdrawal cards are provided. Other features usually include the ability to set up Direct Debits, standing orders and pay in a salary, tax credits, benefits or pension. You usually need to be over the age of 16 to open a basic bank account.
This may be the best bank account for someone who is concerned about overspending and/or avoiding bounced payment charges. Additionally it could be a good bank account for someone with a bad credit history or individuals with low income, as the basic current accounts are designed to help people steer clear of the red. Many providers will still charge for missed payments, but there is usually no overdraft, so account holders can avoid charges for dipping into an unarranged overdraft.
In order to find the best bank account for you, you should shop around and compare features and benefits associated with each account. As well as Direct Debit and standing order facilities, most basic bank accounts will offer over-the-counter and Post Office withdrawals. Depending on the provider, the basic bank account may come with a debit card, or a cash card – which only allows cash withdrawals. Most individuals should be able to open a basic bank account just by proving their identity and address, although undischarged bankrupts and those with a record of fraud may still be unable to open these kinds of account.
These types of account are usually free to open, although a basic bank account can levy charges for missed payments or bounced cheques. Individuals should take into consideration any missed payment charges if they are likely to be affected by them, as this could work out more expensive than a ‘paid for’ account that doesn’t charge in this way. Also, for those with occasional or frequent missed payments, there is a possibility that some accounts would be closed down.
To find the best bank account, it is important to research how the features and benefits would work for you. A similar option to a basic bank account is a managed bank account.
The managed service with the thinkbanking current account has all the features of the above basic current accounts, minus the charges for missed payments and may be the best bank account for those who need help to manage their money. It’s open to anyone, from those with bad credit to undischarged bankrupts. Each account holder has access to Money Managers, whose job it is to ensure all essential expenses, such as mortgage payments and bills, are paid from account holder’s “Salaries” account, before transferring the rest into a “Card” account for spending. The account also comes with a Debit card. There is a set up charge of £25 (or £30 for a joint account) plus a monthly charge of £14.50 (or £19.50 for joint account holders), so customers should consider whether their existing bank charges amount to more than the cost of paying someone to manage their account.
