Navigating the world of bank accounts

Start your search for the right Bank Account by finding out about the various options

10:13 30 September 2013

It’s difficult to operate in the world without some type of Bank Account, but there are so many options that you might find it overwhelming. There are no perfect solutions because everyone has different needs so you’ll have to do some comparisons between different banks to find the right Bank Account for you. Here are a few of the Bank Account types you could encounter to help you find what you need: 

 

• Student Accounts—these accounts obviously cater to students by offering various attractive options such as interest-free overdraft features, free railcards, and sometimes even discounts to certain places. These tend to offer some flexibility for those who need it most. 

 

• Free In-Credit Accounts—this is one of the most popular Bank Account options. It gives you the typical features you might want or need such as direct debits, cash card, authorised overdrafts, cheque book, debit card, and standing orders. Fees can vary between banks so comparisons are necessary to choose the best account for you. 

 

• Control Accounts—unlike free in-credit accounts, control accounts don’t even allow you to overspend. This might be a good option if you believe you might forget transactions during hectic moments. There may be a monthly fee, but it would usually be much less expensive than racking up unauthorised overdraft fees and the corresponding interest. 

 

• Basic Bank Accounts—if you have had some credit rating troubles in the past you might have difficulty obtaining some of the other accounts. The basic Bank Account allows people with poor credit scores the ability to have a finance account. Keep in mind there may be certain limitations due to the circumstances, and the accounts might not be advertised with many banks.