With a horde of bank accounts available to choose from today, it may be confusing for a lot of people to choose one that’s more suited to their day-to-day banking needs. Deposit accounts that allow for activities like payment by way of cheques, wiring money from abroad, buying goods by use of a debit card, among a myriad other uses are called current accounts in the UK.
A current account is tailored for day-to-day use and allows two or more people to set one up, which is then called a joint current account. This particular arrangement allows each party to own their own card and cheque book.
Types of Current Accounts
All banks and most of the building societies in the UK have an array of current accounts to choose from, and these are tailored to meet specific needs or preferences. Before you go about choosing one, however, you should have a clear understanding of what you want the account for which will subsequently determine how you will use it.

Listed below are examples of current accounts to aid in your decision making.

  • Standard Current Accounts-these accounts allow for products and services such as cash and debit cards, cheque books, monthly/quarterly bank statements, overdraft facilities, telephone banking facilities as well as internet banking access. 
  • Simple Cash Accounts-these ones have no provision for cheque books, overdraft or internet facilities.  
  • Accounts with Extras-the extras in question include road side assistance, travel insurance and more, which of course a small monthly fee is included with a larger monthly fee covering medical support. 
  • Accounts for High Earners-just as the name suggests, these ones are tailored on a personal level with the bank offering high level personal support. 
  • Foreign Currency Accounts-these cater for those who frequently deal in foreign currency other than the sterling.
  •  Euro Accounts-similar to the Foreign Currency Account but with regard to the Euro in this case. 
  • Children’s’ Accounts-normally mixed with the savings account. 
  • Young Peoples’ Accounts.
  •  Student accounts-overdrafts are not charged interest in most cases and account holder may receive cash incentives or other free gifts for joining. 
  • Graduate Accounts-overdrafts as well as mortgages and loans have a good interest rate. 
  • Special Accounts-these include those accounts that cater for certain religious beliefs to avoid offending their religious practices.


Choosing a Current Account
Almost anyone can open a current account with particular attention being paid to one’s credit history. Those with a bad score may have limited options available to them. As noted earlier, most banks, in addition to building societies and Internet banks, offer this type of account. 

Remember, consider carefully what you need from your account before opening one up.

What are Current Accounts?

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