Current Accounts
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Current accounts are traditionally used for day-to-day banking activities and as such often pay rates of interest a lot poorer than savings accounts. Credit interest on these accounts can be as low as 0.1%. however, some providers are now offering current accounts that pay rates of interest competitive with some savings accounts.
Current accounts can often be operated via various means including via the internet, branch, telephone, post, WAP phone and digital TV. Newer forms of access such as internet and TV allow you to check your balances, review transactions, transfer money and set up standing orders. Form of access can be particularly important of your bank does not have a branch close to you or if you do not have the time to visit one.
The facilities provided by current accounts also vary. These include cheque books, cheque guarantee cards, debit cards and overdrafts. Account sweeping is also available on some accounts, which means there can be an automatic transfer of funds to or from a chosen savings account. Most current accounts allow you to set up direct debits and standing orders for regular automatic payments.
Some current accounts require minimum funding per month or that your monthly earnings are paid into them. Some accounts, usually termed ‘packaged accounts’, charge a monthly fee. These accounts come with additional features such as free travel insurance and preferential overdraft rates.
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