Compare Current Bank Accounts
Compare Current Bank Accounts
It is very important to check out different banks before opening an account in one of them. Banks offer different banking solutions, different features, and different methods of banking. You have to see which one would suit you.
To Compare Bank Accounts, online, you can use CompareBankAccounts.org. For 5 years now, this organization has been helping consumers to make financial decisions. Their motto is, "Earn the Most on Your Money".
Banks are very competitive in:
- The interest rates they offer
- The kinds of accounts and the facility of tailoring your account to suit your particular needs
- The variety of products on offer
When you compare bank accounts, there are 2 points that you need to consider:
- Which bank offers the highest interest
- Which bank charges the lowest fees
There are 2 kinds of accounts that you need to check on:
Checking Account – this is cost-free for the customer. You use this account to:
- Withdraw money with your ATM card/debit card/from the branch
However, the interest rate is lower than in a savings account. So, to benefit, you have to make a lot of transactions.
Savings Account – this account gets you interest on your savings. However, your transactions per month are limited.
When you compare bank accounts, look for a bank that offers a low-cost checking account. This is because, banks levy a charge (maybe small, but a charge nevertheless) on: going below the minimum daily balance; using your debit card; issuing cheques if you go over the number allowed per month; withdrawing cash from an ATM, and so on. Here, you have to see which features are important to you. Do you:
- Write cheques
- Use your debit card
- Use cash, withdrawing what you need from an ATM as and when
Once you have decided on a low-cost checking account, you can compare bank accounts, and choose the one that offers the highest interest rate on the savings account. The reasoning here is that you make your transactions through your checking account. Any excess money is then put into your savings account, where it accrues interest.
Online savings account or direct banking offers some of the highest interest rates.
A word of caution: check the fine print.
Something to think about: if everyone did all their banking online, over 17 million trees would be saved each year!
HSBC - HSBC announced today that the £50 switching offer is now open to HSBC Bank Account customers as well as HSBC Bank Account Plus customers. The offer was originally released on the 16 November
Barclays - Barclays offers a large range of current accounts along with its standard fee-free current account. Like the other banks, Barclays pays only a nominal rate of interest on its current account credit balances.
Halifax - Former building society Halifax has an attractive basic current account paying an attractive interest rate on credit balances of up to £2,500. Over this amount, the rate reverts to nominal interest. The only condition is that you pay at least £1,000 into the account every month.
Royal Bank of Scotland - The Royal Bank of Scotland RBS offers current bank accounts to manage day-to-day expenses, as well as a range of bank accounts with additional benefits.
NatWest offers current bank accounts to manage day-to-day expenses, as well as a range of bank accounts with additional benefits.
Lloyds TSB - Lloyds current bank account, Lloyds TSB offers a wide range of packaged accounts provided just like the best biggest banks. Lloyds offer several current bank accounts to choose from ranging from a basic bank account, to packaged accounts where you pay a small monthly fee in return for a load of additional features included in your monthly cost. The other feature that monthly paid current bank accounts is that they offer less charges as most are built in their fee structure so you could end up saving money.
The advantage of opening Current Bank Account
A current bank account allows you to receive money, pay bills and manage your finances all in one place. With Lloyds current bank accounts you can use the following for an everyday Account
- Have your wages, benefits, pension or tax credits paid directly into your account;
- Offer a way to view your account either by going to a local banking branch, online, over the phone, mobile banking or provide bank statements
- You get a cheque book
- Pay in cheques for free (remember you will have to wait until the money is available for you to spend);
- Take money out at cash machines with a cash card (usually free, but some cash machines make a charge)
- Pay and set up bills payments by direct debit, Standing order.