Learn about the benefits of current accounts

Find out what options you have to keep your money safe, while maintain easy access to it.

06:41 11 February 2014

There are many ways to ensure that your money is safe, but not all of those options provide convenient accessibility for the funds. Current accounts are one of the ways you can keep your funds safe, but still retain the access you should have. Here are a few things you should know about current accounts: 

 

• You may be subjected to a credit check before you will be allowed to open a current account. If your credit rating is not sufficient you may be denied this type of account.

 

• Some current accounts provide special overdraft protection that will ensure you do not need to pay outrageous fees and interest. If you take advantage of this feature, be sure to deposit into your account as soon as possible. Recurring use of this particular feature could eventually prove detrimental to your relationship with the lender.

 

• There may be a minimum deposit amount for a current account, and each lender may have a different minimum.

 

• Many lenders have a rewards programme, which may provide you with a bonus amount of money from the lender upon meeting certain requirements.

 

• Lenders may also treat their interest, fund accessibility, and minimums differently so it is essential to request as much information as possible before making a decision on a particular lender.

 

• Also know that current accounts do not necessarily mean that you will never need to worry about fees or penalties. You could actually be penalized for failing to meet minimum requirements. 

 

If you are looking for a convenient way to make sure all your funds are safe and secure, while you still have access to them, a current account is a great way to go. Compare between the different lenders and feel free to ask the lenders about any questions you may have regarding current accounts and all the details.