It’s no secret that many people struggle with choosing the right bank account that fits their need. But not anymore! This article will give you some guidelines as to how you can identify a bank account that suits your needs, including those who want to open bank account online or switch your account. Here are the guidelines:

1. Go for the account that caters to all your needs. Thanks to the many bank accounts available today, you can now settle for what fits your needs. For example:

  1. Current Accounts. To manage your everyday money, you can open a current account, which includes:
    • Use a standing order or a Direct Debit to pay your bills
    • Receive automated payments like wages, salaries, or benefits
    • Use cashpoint machines to withdraw money and pay for things using a debit card

    You will also get to manage your money by:

    • Checking and making payments using the secured banking app
    • Setting alerts to signal when your balance is low
  2. Packaged Accounts. These are current accounts with additional features that come with a fee. The extras include:
    • Car breakdown cover
    • Special offers like negotiable overdraft interest rates
    • Extra services
    • Insurance cover such as for mobile phones or travel
  3. Non-Fee Basic Bank Accounts. If your credit rating does not allow you to open a current account, then a basic fee-free account would come in handy. After operating the account for a while, the bank may offer you a current account. A fee-free account does not come with an overdraft facility, but you get to enjoy the following:
    • Use a standing order or a Direct Debit to pay your bills
    • Receive payments like wages, salaries, or benefits

  1. Jam Jar Accounts. Also called rent or budgeting accounts, these are designed to assist your budget. You’ll get to divide your money into the various “pots” available. After working out what you need for your expenses, you’ll have the leftover for saving or spending and then to decide the amount to put in every pot. You will enjoy:
    • Paying your bills with a standing order or a Direct Debit
    • Receive payments like wages, salaries, or benefits
  2. Students and Graduates Bank Accounts. With these accounts, you get to enjoy an interest-free overdrafts. Graduate accounts are attractive and often lure young adults into becoming long-term clients.

2. Check the interest rates charged on credit balances. If you’re careful enough to avoid overdrafts, then you might consider looking into accounts that offer payment on the credit balance. But if you need more money and your earnings are restricting you, then an account that provides an overdraft is going to be preferable.

3. Incentives. Incentives are good, but you should be on the lookout as many come with strings attached. Check whether the account will still meet your needs and with no extra charges when the incentive is over. Such deals include:

  • Seasonal high-interest rates
  • A cash incentive
  • A monthly credit, for example around $5

4. Customer service. Use the available sources such as quality rating platforms that rate the bank’s customer service and discover the best bank around your locality. The fact that such platforms deal with complaints and service performance means you’re more likely to find a suitable bank.

5. Dealing with the bank. Identify the manner in which you’re most comfortable engaging with your bank. Is it through face-to-face, Internet banking, or telephone? Choose a bank that will be convenient and easily accessible to you.

The above tips will enable you to get an account that suits you. If the one you have is not suitable, switching accounts is easy and allowed by the Current Account Switch Service. You only need to agree with your bank and it shall do it for you.

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