Compare Bank Accounts: Improve your finances!

Published on 13 July 2012 by Raffick Marday

Compare Bank Accounts: Improve your finances!

Today, visit any bank and you have to unwontedly find a wide range of bank accounts to choose from. Ranging from usually savings, current to investment and loan accounts, there is an account service for all types of banking requirements.

So basically, there underneath a broad umbrella of account “types”, consumers to choose from. For instance, while a “current account” is tagged in a general type of account, a consumer will actually land onto a handful of various types of current accounts, each with their unique set of features.

However, despite of the plethora of accounts available to consumers, it is advisable to choose an account that fit their financial requirements. A good place to compare bank accounts is surely none other than online. Banks often lay out their account options directly on their particular websites, so you can easily compare bank accounts features as per your preferences.

What will you look for while comparing bank accounts? You will be comparing account features like monthly fees, whether the account comes with overdraft or identity theft protection, insurance cover, perks, rewards etc. Banks usually make it very simple for users to apply for a bank account. Mostly inviting for making online account applications.

Still, after comparing different banks, you are unsure about the various features tied to a bank account, and then contact the bank directly. This you can do either in person at your local branch, or over the phone. A banking executive will explain every detail you would need.

In fact, speaking to a bank representative will also give you an opportunity to relay what you actually want. The banking professional would further recommend a bank account that matches your needs.

So do not rush and simply compare bank accounts via bank’s online account comparison tool or as suggested, talk to banking professional. You are sure to make a right decision!

Get To Know About The most Inclusive Banking Service

The objective of basic bank accounts is that there should be a class of banking services which is inclusive instead of exclusive. Ideally it should be a ‘free for all' service. The need for this is felt more strongly than ever. Almost every person of our times has once undergone the excruciating ‘pay-your- credit-card-bills' phase in our life.

Statistics from an organisation called Credit Action tell that one person is declared as bankrupt or insolvent every 4.35 minutes. And the total personal debt in the UK stood at a staggering £1,459 billion in July 2009. No wonder, so many people today have an embarrassing past when it comes to credit history.

It has become a joke that qualifying for a High Street bank is these days more difficult than qualifying for Harvard. Well then this is exactly where the basic bank accounts come into picture.

You can open an account in a bank for as little deposit as £ 1 and the bank will ask for nothing except your ID and address proof. No investigations. Yes indeed no other investigations by banks!

A news was recently afloat that according survey of an organisation – Citizen Advice- bankrupt people were being denied access to even basic bank accounts. But now thankfully with media and organisations working towards this cause, even bankrupt people would be entitled to open their accounts.

A directive by government in March also said that by 2015 there shall be guaranteed access to basic bank accounts to all.

But how should one determine that opening a basic bank account at which bank will be most beneficial?

It is important to know the risk of opening your basic bank account at a bank where you already have another account. If your other account gets into debt, then your bank can simply take the money from your basic account to pay off those debts. Hence always prefer to open your basic bank account in a totally new bank.

And again, before you decide, go through the below listed points and check:

  • How many cash machines are available for withdrawing money for free.
  • Is the facility to access your basic bank accounts from a Post Office available
  • Is the bank or its branch close to your residence or office?

So now finally you can stop fretting over not being able to open a bank account because of ghosts from the past. Just step out, go and get your basic bank account! It is indeed ‘free for all.'


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