Bank Accounts: Choose the One that Suits your Lifestyle

Although they tend to be treated as a collective, UK bank accounts are certainly not all the same. The benefits available to account holders can vary considerably dependent upon their choice of financial institution and current account product.











Some banks and building societies offer no-fee banking, others a raft of benefits such as travel insurance, roadside recovery and mobile phone insurance. In addition, other financial institutions charge their customers for maintaining an account without offering any incentives.

There are many reasons for having a suitable bank account set up. Employers no longer wish to pay salaries in cash but rather transfer it straight to an employee’s bank account via BACS (Bankers’ Automated Clearing System). Such methods prove far more secure for the employer, whilst the employee also benefits by receiving cleared funds in their bank account on payday.

What’s more, many utility companies such as water, gas, and electricity offer discounts for paying bills via direct debit from a current account; therefore, having such an account in place can provide such benefits.

The standard current account offered by the majority of the UK’s banks and building societies involves the issue of a cheque book and a cash card, which also doubles as a cheque guarantee card. However, the use of cheques is fast becoming obsolete, as most major high street retailers no longer accept them as valid payment for goods.
However, the cash card is a good substitute as the majority issued by UK banks can be used to make debit payments and also withdraw cash from a wide range of ATMs throughout the world. Debit payments can be made in shops or online, whilst banks now offer an additional secure online authorisation process to ensure that a third party doesn’t use another individual’s card fraudulently on the web.

Added value bank accounts offer benefits that can be offered to the account holder for a monthly fee. Benefits offered for such premium bank accounts include identity theft protection, worldwide travel insurance and breakdown cover. Many premium accounts also offer interest on positive balances and in the 21st century it is possible to take advantage of online banking provided, which is available 24 hours a day, seven days a week.

Some accounts have qualifying criteria such as a minimum monthly sum deposited, or a minimum annual salary earned by the applicant, but whatever you require from a bank account there is one out there for you.