Current Accounts

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Current Accounts. Trust money site to explain them simply

An everyday banking facility

A current account is an everyday type of banking facility which can be held at a building society or bank.  An everyday current account, allows you to make and receive payments and handles all of your day-to-day banking transactions. You can also have the use of a cash card or debit card to withdraw cash from ATM machines all over the world.

A current account is used everyday, getting the best deal is essential and could save or make you money!

With so many banks & building societies to choose from considering a new bank account or even switching bank accounts can seem like a daunting task to even the savviest of customers. There a lot of things to consider when choosing, such as, do I need an overdraft facility, debit card, chequebook. Do I want to receive interest on my balance and how much is the interest, what are the charges and what are the charges if I go overdrawn. You also need to know the levels of service each type of account offer and if there is a monthly fee…

The first question you need to ask is what current account is right for me.

There are many things to consider but the most important by far is, whats right for me? Are you looking to earn interest or just have your income paid into your current account to pay your bills? Many current accounts charge a monthly fee, although there are some which charge no fees but instead have a minimum amount that must be paid into the account each month.

Historically current accounts have not been known for paying high interest on credit balances, however, with increased competition the banks have had to offer higher rates.

If you find that you regularly have a credit balance in your current account, then you will want to get the best rate of interest you can which will see you achieve a greater return.

A poor credit history can affect your ability to obtain credit, however, basic banking without an overdraft or credit facilities does not require a credit check.

Current accounts with overdraft facilities may not be available to those with a poor credit history, however, for those who just need basic banking without credit facilities there is another option.

So you took the plunge and obtained a credit report from one of the three big credit referencing agencies, only to find out that your credit score is less than perfect.

It may seem as if there is no way you are going to get a current account after facing the reality that you have a poor credit rating, well quite simply there is hope and many banks are now offering basic current accounts for those with adverse credit histories. The banks that are offering these current accounts may or may not undertake a credit search when applying for one of these basic current accounts, however, in most cases it’s just a formality and will not affect the account opening. Granted you may not be entitled to

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