Protect your money with the best bank accounts
It can be hard deciding which bank to entrust with your hard-earned cash, but if you’re considering switching bank accounts or just opening a new savings or current account, there is an easy way to compare each account’s benefits. Why not take a few minutes to read our handy guide to bank accounts and see how to find the best one for you!
Think about your needs
It’s important to think about why you’re opening a new bank account; for example, will it be for your monthly salary to go into, or perhaps you’re looking for a savings account to save for a holiday or a new home? Once you’ve determined the type of account you need, it’s time to think about which bank you would like to go with. It’s a good idea to use a comparison website so that you can see each account’s benefits side by side, as this will help you to choose. There are a number of other things you should consider too:
• Do you need an overdraft?
• Are you bothered about the interest rate? (this depends how much money you’ll be keeping in the account)
• How do you prefer to access your account – for example online, at a cash machine, over the phone or in branch
• Do you need a debit or credit card?
• Are you looking for an account which offers benefits or rewards?
• Do you want to pay a monthly fee for your account?
By considering the answers to the above, you should gain a better idea of the type of account which would be right for you.
Accounts with benefits
Many bank accounts offer benefits, for example, some offer free travel insurance or mobile phone insurance, whilst others will provide you with breakdown protection. If you’re looking for an account with benefits, you can use a comparison site to see what’s available. If you’re planning on switching your current account, the process is usually quite simple, and most major banks will switch your direct debits, standing orders and any other regular payments for you, with the minimum of disruption to your life.
It’s worthwhile shopping around for an account that’s right for you – whilst some people may prefer to manage their money online with a bank such as Sainsbury’s Bank, others prefer a local branch that they can pop into to carry out their day to day banking in person; pay bills, withdraw cash etc. If this applies to you then it’s important to double check that there is a branch of your chosen bank near you!
Bank accounts don’t have to be complicated, and if you’re struggling with any aspect of the application process, you can always pop into your local branch for some friendly advice.
The information on this page is designed to help you understand more and make more informed choices. We do not receive any commissions, instead we are funded from companies that we advertise on our website.