A current account is one of the most common and familiar types of bank accounts available to the consumer. The name itself hints at the main purpose of this financial vehicle. Current accounts give the client the ability to deposit or withdraw money as is necessary. Therefore, such an account is considered to be more liquid than a savings account. Most commonly, a debit card is issued when an account is opened. One can then go to any number of cash points to withdraw money. Current accounts offer less interest than savings accounts and there are often minimum balance requirements.

Account	Monthly Fee	Overdraft Rate	Features
Santander 123 Current Account	£5.00	0%	Up to 3% interest on balances above £1,000 Up to 3% cashback	More info
First Direct 1st Account	None	15.9%	£250 interest-free overdraft £100 switching incentive	More info
Nationwide FlexDirect	None	0%	5% interest on balances up to £2,500 Exclusive discounts	More info
Barclays Bank Account	None	0%	Personalised debit card Mobile banking	More info
Halifax Current Account	None	£1 – £5 per day	Mobile banking Cashback	More info

Types of Current Accounts

Current accounts can come in a variety of forms. The most common is known simply as a standard account. A standard account will give the user all of the amenities described earlier; often combined with Internet banking and mobile phone access. However, there are other varieties that are designed to suit a variety of unique purposes.

For example, a student account will offer higher interest rates and lower minimum balances. While a simple cash account will allow one to deposit money, there is normally no overdraft protection or Internet capabilities. A high-earner account can be used for those who tend to deposit large sums of money. These are associated with higher interest rates alongside proprietary attention from the bank. Other accounts can offer additional amenities such as travel insurance or roadside help in the event of a breakdown (for a minimum monthly fee).

Things to Take into Consideration

The first priority is to determine the ultimate purpose of the account itself. Will money be withdrawn regularly and if so, what are the minimum balance requirements? The interest rates should be kept in mind and while these are lower than a savings account, a certain amount of money will still be earned. Should the account holder travel overseas frequently, can the funds be accessed while abroad? Finally, what are the overdraft charges associated with the account in question? Addressing these concerns will enable one to make the correct choice.

How to Get the Best Deal

As hinted at in the last paragraph, interest rates are quite important to keep in mind. Still, a few other metrics to consider are:

• Any associated maintenance fees.
• The costs of a withdrawal from a foreign cash point.
• The security measures of the bank itself.
• The levels of customer service to be expected.

Appreciating these few issues will help the consumer make the correct choice when examining different accounts. Thankfully, the Internet provides a host of different comparison sites that will present this information in a concise and clear manner.