The advantage of opening Gold Bank Account

Published on 12 July 2012 by Raffick Marday

The advantage of opening Gold Bank Account

A current account is just a plain and simple account for day-to-day use. So long as you remain in credit, or within an overdraft limit that you have agreed, they won't charge you a fee when you open bank account or have an existing account.

Compare bank accounts and consider switching to a Gold Current Account you get benefits that are value for money and can out way any monthly fee they charge, when you consider a standard monthly fee of £12.95 but gain interest-free overdraft facilities. Plus ranging from £700 to over £900 in free cover and offers this could save you money. All gold bank accounts are subject to status.

Setting up direct debits

Setting up direct debits and standing orders on your Gold Account should take no more than ten working days (This is based on from when your request is received by the bank). Some banks will offer you a guarantee and in some cases compensate you with up to £50 into your account to if it is not completed on time and for any inconvenience. The guarantee does not apply if it is the originator or your existing bank that's not acted on our instruction.

Compare Gold Current Accounts with Low overdraft rates

With a gold current account some banks offer you lower overdraft rates and premium interest rates that you would not normally get with a current account. Also Gold and Premium bank accounts offer more for your money as by paying a small subscription fee every month you can now get more premium benefits and rewards with your bank account, better protection and a superior banking service

A Basic Bank Account and the basic Right To Have A Basic Bank Account

I will not be surprised if our children read getting a basic bank account as a constitutional fundamental right. Just like every citizen is entitled to food and shelter, on similar lines now each person is entitled to have their basic bank accounts. Government's declaration in March 2010 that everyone should have guaranteed access to a basic bank account by 2015 is then definitely a step in the right direction.

It is actually not feasible for everyone to get a bank account in a high street bank. Especially in the post-credit card era, where almost everyone has faltered on their credit card bills once in a while, the investigations by a bank before they open your standard current or savings account becomes all the more excruciating. Also for individuals with low or irregular income the banks become stringent. If you have an account which is previously overdrawn in the same bank, then again you are turned down as ineligible.

But do not despair, because as aforesaid, a basic bank account is your right. By their very design, these accounts are meant to provide banking facilities to the common masses.

Their utility can be captured in the following points:

  • A safe place to deposit your income and tax credits.
  • A cash card to make withdrawals from cash machines.
  • A debit card that also allows you make purchases in some banks
  • Nil fee as setup charges
  • Ability to open an account without money or as little as £1.
  • Ability to pay both cheques and cash into the account.
  • Ability to pay bills via direct debit from the account and set up standing orders in some banks.

Mostly you will not be paid any interest on your deposited money. This is a feature of savings and standard current accounts though.

And again mostly, the bank will not provide you the any chance to get overdrawn. While in a standard current account, you can overdraw and then pay back along with an interest.

You can find the facility of a basic bank account at the most swish and high street bank. This will give you a chance to experience premium quality customer services also, without costing you a fortune.

All that you will need to produce is just your identity proof such as a driving license or a passport. And a separate proof of your address, like on a council tax bill, or a utility.

So demand your basic bank account!


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