Personal Accounts

With a personal bank account, you have many options to consider. Firstly, do you wish to pay all of your bills automatically each month? If so, you need to have an account that allows you to set up direct debits and standing orders, to leave your account on a set day each month. Doing this through a branch can be time-consuming, and therefore many banks have set up an online service to enable you to set these up by simply logging into your personal account online. Make sure that you always have enough money in your account to make these payments, because if the payment cannot be made, the bank will charge you a fee.

Depending on the features you require for a personal account, you may find that there is a monthly fee charged for using the bank's services. For example, if you need to have a large overdraft facility, you will have to have a specific type of personal account and will be charged an administration fee for this each month. In addition, if you find yourself spending over your overdraft limit, the bank will charge you a set fee for each day that you are over this limit. With most personal accounts (except for basic bank accounts), you will be given a cash card that will enable you to not only withdraw money from cash machines, branches of your bank and the Post Office up to a certain daily limit, but also to make payments in shops and restaurants with your card. If you have this facility, remember to check your balance regularly to ensure that you are aware of the amount that you are spending.

Click here to find a personal account today!

Features of a Current Account

• Cash Card. These days, most current accounts will provide you with a debit card that you can use to pay for goods, with the money debited directly from your account.  However, it is worth checking that the card you are offered allows card payments, because some will only let you withdraw money from ATM machines or bank branches.  Although this would help you manage your money, because you have to physically withdraw everything that you spend, it is less secure to always carry cash on your person.
• Withdrawal Limit.  Most current accounts will set a limit on the amount of money that you are able to withdraw from your account in a day from an ATM machine.  Usually you can withdraw a greater amount if you go into a branch and show some identification.  This is a security measure, but means that you need to plan ahead if you will a large amount of cash.
• Overdraft facility.  Most people don't think of an overdraft facility in this way, but it is in fact an unsecured loan from the bank.  Because you are borrowing money, the bank will charge you interest.  However, current accounts usually have a free overdraft limit, and as long as you stay within this, you will not be charged any extra on your account.