Current Account Checklist

All current accounts are similar in that you can deposit money into the account and then withdraw money at any time without interest rate penalties, subject to any daily withdrawal limits and of course your available balance.

However, the facilities offered can vary considerably, as does the naming convention for different types of accounts offered by the various banking institutions.

When choosing a current account you should decide how you will be using your account and what facilities and features you are going to need. You are then in a position to choose the current account that most suits your needs for the minimum expenditure.

Below is a list of questions you should consider when deciding on which current account to choose. Remember, you should focus on features that are relevant to you and your banking habits. For example, if a bank has very high overdraft charges, this should be of little interest to you if you never go overdrawn.

• What is the minimum opening balance required in order to open the account?
• Is a cheque book provided and if so is it supplied with a cheque guarantee card? If so, what is the limit of the cheque guarantee card (the usual is £50 or £100)?
• Is a cash machine card provided? If so, what is the limit on how much you can withdraw in one day?
• Is a debit card provided? Debit cards allow you to make purchases against your account, with the purchase amount usually being debited from your account on the next working day. Two types of debit card exist; Switch and Delta. They work in the same way.
• Which cash machines can you use without being charged? You should take into account which cash machines are available in the areas you are most likely to want to withdraw cash, such as near home, near the office or where you tend to socialise.
• What interest rates are offered on balances in credit? Some current accounts offer a tiered interest rate structure whereby the interest rate increases as your balance exceeds certain amounts.
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