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Compare Current Accounts - Comparing the Best Current Accounts - Why You Should Compare Current Accounts

Why You Should Compare Current Accounts

For many people a current account is simply a place to store one’s available cash, have the monthly salary paid into and pay a few bills by direct debit. All current account providers will offer these very basic functions and as such it is tempting to conclude that there is little between them in terms of basic functionality and service provision.

In some respects this is undoubtedly true. Most of the big banks have a presence in every major high street and will issue you with a debit card and an online banking facility. One’s own geographical location will be a factor in considering which bank to open an account with, so if a depositor lives in a village which has only one bank there is a great deal of sense in doing business with that bank as opposed to another where the nearest branch is a long drive or bus ride away.

But more often we are spoiled for choice, and it will come down to reputation, convenience and customer service as the deciding factors which will clinch the deal. In many localities there will be significant differences in the efficiency with which transactions are conducted, the length of the queues or the quality of the staff at the branch.

Some will have more than one cashpoint machine, or electronic paying-in facilities. All of these factors combine to create an overall impression of the branch and by association the bank itself.

None of this of course yet touches upon the actual appeal of the current account itself. Although a current account differs from and tends to serve a different purpose to a savings account, the existence of hidden charges, overdraft fees, and indeed an overdraft facility are important when weighing up the pros and cons of opening a current account at a particular bank.

On top of this one may wish to consider comparing the availability, and indeed the quality, of the customer support that is available when any kind of special assistance or advice is required. Does the bank issue a credit card upon request and what is the likelihood of receiving a sympathetic hearing when asking for an increased overdraft or a loan for your current account?

Some banks without a presence in the high street will offer another incentive by way of compensation, although it will have an arrangement with at least one high street bank in any case to ensure that the customer is able to conduct day to day transactions in the usual way. One such provider actually gives new account holders a financial bonus for signing up and opening a current account with them.

It always makes sense to compare current accounts, even if you currently have an active account at a particular bank. Providers will be only too happy to help you to switch to their bank should you wish to do so. Compare the best current accounts using the providers and websites shown above.

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