Basic tips for finding the best UK banks

If you are like most people, you probably use your bank account on a regular basis but never actually giving it much thought whether the account is working well for you. It is absolutely important that you look into your bank. Check if you are paying on the higher end in overdraft charges or earning a pittance in interest. Gone are the days when the only option you had was a basic bank account. You can now find the best UK banks that will satisfy your exact banking needs.

How to find the best UK bank

In order to find the best UK banks that might fit your needs, you actually need to ask: “Which is the best bank account for me?” This is important because we all use bank accounts in different ways. What might be right for your friends or family is likely not be best account for you. It just might not suit your specific needs.

So, be honest with yourself about what exactly you want your bank to do for you. Rather than choose a bank account that sounds good, go for an account that actually suits your spending and borrowing needs. Ask yourself some basic questions: “Do I want a personal or business bank account? Do I want to open an account with a partner or alone.

  • If you want to open an account with a partner, go for a joint bank account
  • If you never get in credit, a high interest current account is likely your best option
  • If you are in credit a lot of the times, a low interest rate current account is probably your best option. It is possible to get competitive interest rates even when in credit thanks to current, intense competition for customers happening in the marketplace
  • If you are in your overdraft most of the time, choose a bank account with free overdrafts and low in-credit rates. These accounts technically allow you to borrow at no charge.

The bottom line

Read and understand the terms and conditions of low rate and 0% overdraft accounts before you settle for any of your banking options. Some UK banks charge a daily usage fee that can prove very costly for you in the long run. Also, consider availability of other packs like mobile banking, loyalty savings and mortgage products to ensure you find a bank that suits you specific banking needs.

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