Considerations of Opening a Personal Bank Account

While most people agree that having a personal bank account, also known as a current account, is essential, we all may have our own ideas about what constitutes a suitable bank account.

That’s because everyone has different needs when it comes to their personal account and what may be a deal breaker for one potential customer, may be something that another may not even consider.

So before you sign up to any bank account, there are a number of different areas you to need to assess first.

Things to Consider when Choosing a Personal Bank Account

How do you Want to Access your Bank Account?

While more and more people are availing of online banking, there are still a sizeable amount of customers who will want to have the security of knowing they can walk into a physical branch and talk to someone face-to-face.

If you are the latter, then you need to think about which banks are most accessible to your home or place of work. Don’t choose a bank whose closest branch is a couple of towns away.

If you are the sort of person who isn’t bothered if they never darken the door of a bank’s local branch again, then you want to know that your chosen personal banking account provider has got their online banking game down.

Is their website reliable? Do they have a mobile banking app and what are its features? Are their internet banking options secure?

What will you be Using the Bank Account for?

If the account is simply for paying your salary and other payments into and for setting up direct debits and standing orders, then a basic bank account may be all you need.

If you need something with more features, like an overdraft, credit card and access to the bank’s other products, then a current account which offers all these will be best. Bear in mind that the more features that come with a personal bank account, the greater likelihood that you will be required to pay a monthly fee for the account. You will also be required to guarantee a minimum deposit into the account each month.

This shouldn’t be a problem if you are having your salary paid into the account, but if you don’t have regular income and have a poor credit history, then you will find that your options are limited as to what kind of personal bank account you can open.

Interest Rates

The nosedive in the kind of interest rates being currently offered on many savings accounts had led to many people enjoying more generous interest rates from their current accounts.

However, this will only become beneficial if you are keeping a sizeable balance in your personal bank account. If you are using the account primarily for paying money into and out of, then you aren’t likely to reap the benefits of any relatively high interest rates.

Other Incentives

Whether you are opening a new account or looking to switch an existing account to a new provider, you will find that many banks will offer incentives such as high introductory rates, free travel, car or home insurance or a cash payment.

Suits Me

Current Account

Suits Me is an online banking facility, an alternative to traditional high street banks. Offering Current Accounts with a free contactless Visa debit card, online banking and mobile banking. A full range of banking features come with all Suits Me current accounts, including; Direct Debits, Standing Orders, Bank Transfers (UK and International) and more.

Suits Me Current Account and Debit Card

Applying for a Suits Me Account

Applying for a Suits Me account is quick and easy using the online application form. The application process takes minutes to complete and we don't perform any National Insurance Number checks or Credit Checks. Once you have complete the application, providing all details are correct and you have passed our security checks (using a form of ID; passport, driving license or national ID card), your account will be open within 15 minutes.

Once your account is open, you will gain instant access to your online banking account to be able to start managing your money. Your free contactless Visa debit card will arrive in the post within 3-5 working days.

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