Finding the best bank accounts can be a challenge, but this helpful guide should enable you to discover the best current account according to your situation.
UK 2015 Students Need Flexibility
Typically today’s 2015 students need a bank account which can give them plenty of flexibility and a significant overdraft. As income often tends to be grant or loan lead, it’s almost inevitable that towards the end of the term finances will be tight. An account with an overdraft that has low (or even no) interest rates is usually the best type of product for students. Look for accounts which offers the following:
- Free or low rates of interest on an overdraft
- Free payment of direct debits
- Ability to use abroad
Best Current Accounts for Bad Credit or those on benefits
If your credit rating is in poor shape or you are on a strictly limited income, then the best bank account for you will be one which minimises the chance of going overdrawn or incurring charges. A basic bank account with no overdraft facility is usually the most appropriate. This type of product is also ideal for 17 year old young people that don’t want to overspend.
Typically a basic bank account will have:
- No overdraft
- Free direct debit facility
- No charge for normal use
Characteristics of the Best Bank Account Products
In 2015 every good financial product should be accessible online and also through an iPhone. Helpful and responsive customer care should be available around the clock and you should be able to reach someone via email or instant chat as well as in branch or on the phone. Detailed below are the key features that everybody should expect from their current account:
- Secure online access
- Easily accessible customer service
- Clear information on charges
- The ability to sign in, check your balance and perform simple online transactions whenever you wish.
Taking time to find the best bank account ensures that you can find a current account which is specifically tailored to your particular needs. This helps ensure that you are able to manage your money effectively. Over time using the right account can even have additional benefits, such as improving your credit rating.