Do you like dealing with a person in a branch or would you prefer the convenience of telephone or Internet banking?
Not all banks provide phone, Internet, mobile banking, postal and branch services so make sure you will be able to bank how you want to.
If you like going into a branch, choosing a bank you can easily get to will be the most important factor.
Fees can vary a lot between banks and between accounts, with one of the highest fees being charged for going over your agreed overdraft limit.
If you regularly spend more than you have in your account, choose one which will give you a overdraft up to an agreed limit without charging fees and/ or with a low interest rate.
Interest rates on credit balances
Most current accounts do not pay interest. For those that do, the rate is low (usually less than 1%), so you’re unlikely to earn enough to make it an important factor when choosing an account.
Many banks offer deals to attract new customers, but be sure to check if there are strings attached. Look beyond any short-term offer and make sure that, when it ends, the account will still be the best for you. Deals include:
A cash incentive
Higher interest for a period
A monthly credit of £5
Bank accounts for students and graduates
Most banks will offer a specific student account usually with an interest-free overdraft up to an agreed amount.
Banks often also offer attractive accounts to graduates to attempt to secure them as long-term customers.
Internet comparison sites make shopping around for a new account much easier, but it’s always best to use more than one comparison site to get a picture of all that’s on offer.
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