subject: Top 5 things to look for when looking for a bank account by:David Lynes - Loans4 [print this page] Many of us take our bank accounts for granted these days but it is important to remember that bank accounts are not available to everyone, and these accounts are vital in helping most of us to run our day to day finances. There are a number of different bank accounts available, such as basic bank accounts, current accounts, and premium accounts, and if you are looking for a good bank account that enables you to do everything from pay bills or make card purchases you need to check what the account offers before you commit.
Although there are basic bank accounts available, these are very basic and do not offer the same facilities as current and premium bank accounts. Therefore if you want more than just basic facilities then some of the things that you should look out for include:
1. Does the bank account offer a debit card facility? Many basic bank accounts do not offer a debit card, although they do offer cash cards to make withdrawals from machines. A debit card can prove very useful, however, is it enables you to make purchases with the card in person, by phone and via the Internet.
2. Is there a cheque book facility? Most basic bank accounts will not offer a cheque book facility, but these are offered with current accounts and premium accounts. Although cheque payments have been phased out by many retailers, cheques can still come in useful in many circumstances, such as when making postal payments, as it saves you have to purchase postal orders or risk sending cash in the post.
3. What sort of interest rate is offered with the bank account? Although current accounts do not usually offer very impressive rates of interest - and some may offer no interest at all even on credit balances - there are some that offer more than others in terms of the interest rate, and if this is a priority to you then you should compare the various accounts to see what is on offer.
4. Is there an overdraft facility? Basic bank accounts do not offer any overdraft facility, but many current and premium bank accounts offer an automatic overdraft up to a certain limit, and may increase this based on your financial status.
5. Can you also access online banking? Many major banks offer online banking facilities these days, enabling you to pay bills, check statements, make money transfers, and much more online from the comfort of your own home. You should check to see which accounts offer this facility, as it may mean increased convenience for you.
About the author
David Lynes
Loans4 provide homeowner loan solutions for homeowners. Please visit http://www.loans4.co.uk for the latest finance related news.
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