Understanding bank accounts
Everyday banking solutions
The type of account you’re looking for will very much depend on what financial goal you’re looking to achieve. There’s a whole range of accounts out there to meet a variety of needs and situations. Let’s start with one of the most common types of accounts, known as current accounts.
Current accounts
A current account is one of the most popular choices for people to manage their day-to-day financial needs, it’s a place to have your income paid into, pay your bills from, and where you can pay for things you need or want in your day-to-day life.
Packaged account
For a monthly fee you can add features to your account that offer a range of insurance options and coverage, some of the most common ones include:
- Mobile phone and gadget insurance
- Travel Insurance
- Car breakdown cover.
Doing your own research online might help you find additional benefits not listed here and more suitable for your individual needs.
Foreign currency account
If you need to make and receive international payments on a regular basis you might find opening a foreign currency account beneficial. These accounts are available in a range of currencies including Euros and US Dollars. With these types of accounts, you’ll benefit from:
- Saving on exchange fees and avoid potential exchange rate loss
- Foreign currency cash deposits and withdrawals.
The range of currencies available will vary across different providers so it’s worth doing your own research, also look out to see if you need to maintain a minimum balance in the account to avoid fees or charges.