19th June 07, 04:06 PM
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Administrator
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Join Date: Mar 2007
Posts: 27
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Choosing A Bank Account
| Top Tip: |
The money Supermarlet has a great application for comparing bank accounts in the UK.
Simply choose the type of account that you are looking for and what you expect your typical balance to be - be honest!
You can then see the typical rates that you can expect. Watch out for the top accounts some of which are marked "Sponsored Link" while they still provide genuine information, they are at the top not because they are the best!
Be cautious about rates that are higher than all the others - these are called "Headline Rates" and are there to catch the eye but will come with restrictions. For example you may see that many banks are offering around 6% in a current account but one is offering 7%.
This will grab your attention but on closer inspection you may see this: "7% up to £1000" - this means that you will only receive this rate on your first £1000. Anything more than this may well only pay 5%, in which case a 6.2% account on all money is a better option for account above £2000.
Check the fine print in all cases, check for additional services such as online or telephone banking, and always check the fees.
You may also like to look for or enquire about an ethical investment policy; which, while not making you any money will certainly give you a sense of well being.
Current Accounts | compare UK bank accounts - moneysupermarket UK
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