Finding the right bank account

If bad customer service experiences, poor interest rates, press scandals and expensive overdraft charges have pushed you to look into a new current account, then take a look at some of our great tips and advice in how to find the right account for you. It’s important that you choose the right account when you switch so that you don’t have to go through the whole process again.


1) How do you use your account?


It is not always the case that the best bank account for you is the bank which offers the best rate, it really is dependent on your financial situation and future. If you’ve always had good credit and your bank account is always in positive figures you should look for banks that will offer you the best interest rates when you are in credit. If however you are usually in debt or in negative figures then you should consider looking at banks that will offer you the best deals when you dip into your overdraft – look for the backs with the cheapest charges. This is one of the most important things to consider before making your decision.


2) Online banking or branch banking?


This is another important decision, do you prefer to bank online or go into the branch to speak to someone in person? If you are at ease with internet and phone banking then it doesn’t matter how easy it is to get to your branch or if there is one close to you. There are a lot of bank accounts on offer now where a branch may be very far away from you, make sure you decide which services you value most. It can be the case that if the bank has few branches then their staffing costs are low and they may offer you more value. The downside to not being able to just ‘drop into the branch’ is that you may have to deal with telephone waiting times, many people prefer to be able to sort out their banking issues face to face with someone.


3) Does customer service make a difference for you?


If customer service is one of the most important things to you then you will need to search out a bank with an excellent service record, look for independent research on this. It is sometimes the case that banks that have the best customer service ratings do not offer he best banking rates, they do however always have relatively competitive rates.


4) To pay or not to pay?


There are a lot of accounts out there that now charge a monthly fee, this fee is paid in exchange for extra services; mobile phone insurance, travel insurance etc are usually the things offered. You should only pay for these services if you’re actually going to use them. Sit down and take a look at what’s on offer, if you’re going to use the add ons then that’s great, if not, then there’s no need to sign up to such an account.