Basic Bank Account As Your First Bank Account
Every one of us reaches a phase in life, after we make our first income when we want to open our own bank account. It is like announcing to the world economy “Here I come.” One can feel a sense of identity creation with opening of a bank account, just like you feel when you first made your e-mail id, got your driving license, your voting card.
But before you start, we urge you to acquaint yourself with the various kinds of bank accounts that you can choose from. However the most preferred type of bank account for starters is a basic bank account. For a brief understanding of it, read on.
A basic bank account is as name suggests a very basic bank account with no frills attached. Functionally very sound, it performs all the tasks that a bank account should, but does not offer lucrative schemes. You can deposit your cash in and withdraw your cash out. Thus a basic bank account fulfils the fundamental demands of the user. You can also create standing orders, like for example instruct your bank to give 100 pounds towards your insurance policy every month. Even a layperson can easily understand and operate it. And you will neither have any seductive schemes nor underlining conditions to confuse you. With the basic bank account type, there is not much scope too to tangle user into any economic jargon as you need to understand only two functions of deposit and debit.
Some banks offer you a debit card too, which can function as your ATM card also.
Now about the frills you are missing out on. You will not have the facility to have an overdraft. An overdraft is when suppose you make a payment with your debit card of 250 pounds but you only have 238 pounds in your account, so the bank will pay up the extra 12 pounds and not cancel your transaction. But later it will levy you a fee on the amount it covered for. In a basic bank account, with the same example, your transaction will cancel as the bank will not come forward with the remaining amount. But this way you are also assured that you will never be issued any uncalled for fee or debt.
Basic bank account will also offer you a lesser of interest than is offered in a current account.
All the bare minimum functions of a bank account are achieved with the basic bank account type successfully.
So for a first account, a basic bank account is indeed the right choice.
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