Five top tips for choosing a current account - Video script

Savings and ISAs

Updated on 29 March 2010 | 0 Comments

Rachel Robson reveals some top tips for switching current accounts.

Rachel Robson reveals some top tips for switching current accounts.

In today’s video, I’m going to highlight five top tips for choosing the right current account.

Get paid to switch

If you haven’t switched your current account for a while, it’s time you did. Simply switching your current account can immediately earn you money!

For example, if you switch to the First Direct 1st Account, you’ll receive one hundred pounds! What’s more, if you’re not happy with the service, you’ll be given another one hundred pounds if you decide to leave.

Get the best interest rate

A savings account doesn’t have to be the only account that earns you interest – a current account can do too. By switching to the Alliance & Leicester Premier Direct Current Account or the Santander Preferred In-Credit Rate Account, you could earn an interest rate of five percent!

Alternatively, the Halifax Reward Account gives you five pounds every month you pay in one thousand pounds.

Get a better overdraft facility

If you are always slipping into the red, make sure you choose a current account that has an overdraft with a competitive rate of interest.

The Alliance & Leicester Premier Direct Current Account and the Santander Preferred Overdraft Rate Account both have an interest-free overdraft for twelve months.

Get rewarded

Some current accounts offer a range of perks, such as travel insurance or breakdown cover. And for some people, these perks can work out to be very beneficial.

Just be warned you will usually have to pay an annual fee for these packaged current accounts, so it’s worth weighing up whether this is really worth it. You may find a better deal by shopping around and paying for these perks yourself.

Get the best deals

Opening a current account with a particular provider may allow you to apply for a better deal on another financial product such as a personal loan or credit card.

For example, if you’re looking for a nought percent balance transfer credit card, the NatWest Platinum Card and the HSBC Credit Card offer a market-leading 15 months interest-free on balance transfers. But in order to apply for these cards, you need to be an existing current account holder.

So if you’re thinking of switching your current account, make sure you follow these top tips to get the best deal.

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