Home  >    Best Personal Finance  >   Current Account

Current Account

Type Everyday Finance
Current Account

Current Account


A current account is a simple way of safely storing your money in a bank. All the major banks offer current accounts, and indeed banks will offer different flavours of current account to tempt different sorts of customer.

To be accepted by a bank for a current account, you would normally have to be over 18, and you also have to pay your wages into the account.

The basic components of a current account are a cheque book and an ATM (bank machine) card. The account will also allow for the transfer of funds to and from other accounts via Direct Debits or Standing Orders.

Other features you should look for and consider include:

  • Cheque guarantee card.
  • Debit card (the one card normally covers ATM, cheque guarantee and Debit card functions).
  • Free banking if the account is in credit ie no day-to-day service or administration charges.
  • An authorised overdraft limit, with a low rate of interest payable on the overdraft.
  • Access to your account via branch, telephone or online.
  • Interest paid to you if your account is in credit.
  • If you're careful with your money, always keeping a positive balance in your account, look for a free banking account paying a reasonable rate of interest. On the other hand, if you're always straying into the red, look for an account with a good authorised overdraft limit, and a low interest rate on overdrafts.

    Why in 100 Best?

    Current accounts can be fantastic value. If (and sometimes if's a big IF) you keep your balance positive, you have a safe home for your money. Your money will earn some interest, and there's a great range of facilities available to you, like a ATM/debit card you can use anywhere in the world to withdraw cash or make purchases. Though if you let your balance stray into the negative, you can end up facing large charges and fees.

    DirectGov - Young People - Getting a Current Account

    Anything you'd like to say about Current Account?

    Listing contributed by Andy

    Amend Listing     Remove Listing

    Disclaimer 100 Best Everything does not guarantee the accuracy of any listing. Please report offensive listings for removal.

    Best Personal Finance - Guide To Current Account - Information, Pros, and Cons - 3 votes