Premium or Free Bank Accounts?

So you are looking to open your first bank account or maybe fed up with your current bank account provider so you want to switch banks but what should you be looking for. Below you can  see some examples of the accounts available but first you need to determine how you will be using your bank account. The first choice is whether you want a free bank account or a fee based bank account. With the fee based current account you will get a number of extras often like free travel insurance, free breakdown recovery and preferential rates but you need to make sure the value of these outweights the monthly fee. If it does these are worth considering. More information on premium bank accounts can be found here. If the extras that a premium bank offers are not worthwhile and you are after a bank account that does not charge a monthly fee the 3 bank accounts below might fit the bill and they can all be arranged online.

Details on some of the main providers for free bank accounts

HSBC HSBC is one of the top 4 bank account providers in the UK. HSBC currently acquires 15% of new current accounts in the market. This places HSBC at number one in terms of new business acquisition. Product Benefits: 1. Free everyday banking – your bank account is free of charges in the UK for cheques, cash withdrawals from the HSBC network, Direct Debits, standing orders, automated bill payments and monthly statements. 2. Free 24/7 Internet Banking – Bank how you want to when you want to. You can check your balance, look at statements and pay your bills any time you want (subject to planned maintenance). 3. Free Telephone and Branch banking – if you need to speak to someone, just pop into your local branch or call us. Further information on the HSBC Bank Account can be found here Barclays Bank (correct @01/01/2010) Barclays Bank Account – what you get: - A carbon neutral debit card – pay for things wherever the VISA sign is displayed (subject to status). - Online banking – do your banking from home. And you could open an online exclusive e-savings account too (subject to registration). - Telephone banking – pay bills, check your balances and more (subject to registration). - A network of over 1,700 branches. Just pop in. - If required, draw on cheques paid into your account before they clear (subject to status and limit). Alliance and Leicester A great current account with added benefits for no monthly fee. Free annual European travel insurance (age limit of 65 applies),plus you can earn 2.25% gross p.a. AER for one year with a linked Premier Regular Saver. Plus currently you can get a 6%regular savings account for 12 months by switching your bank account to them!! Further information here

Free bank accounts that do not charge a monthly fee, HSBC bank account, Barclays and Alliance and Leicester current accounts. compare bank accounts