What to look for in a current account

If you've outgrown your piggy-bank, or you're about to receive your first ever salary payment, it's likely that you're ready to open a current account and begin taking control of your finances. But with so many current accounts to choose from, how do you choose the right account for you?

Setting up a current account allows you to better manage your money since it allows you to set up standing orders and direct debits for regular payments you may have to make, such as rent or utility bills. This means that you won't have to worry about remembering to make a payment or missing payment deadlines as your bills will be paid automatically.

But in order to help you navigate through the myriad of current accounts that are available, you should think about the types of facilities you require from your current account. For example, do you require a debit card, or a cheque book? Or perhaps you’d like easy, convenient access to a particular banks' network of ATMs? Remember, although you might find a current account that ticks all the right boxes, depending on your age you might not be able to take advantage of certain benefits that are offered, so it's also a good idea to check the age limits of the account. Some banks won't issue you with a cheque book until you reach a certain age, while others might not provide an overdraft facility.

Although some bank branches open on Saturdays, most still only open during the week. With this in mind, it's a good idea to check whether you can manage your current account online or via telephone banking, and whether it has a 24 hour customer service line in case you run into problems. These facilities can help make managing your money easier for you if you have difficulty in visiting your branch during opening hours.

Some banks offer a range of free gifts and discounts as incentives, also in order to make their current accounts sound more appealing. These incentives can range from discounted CDs and DVDs to MP3 players. But although the idea of receiving discounts and freebies can seem a great idea, you shouldn't choose an account purely on the amount of freebies you'll receive for opening the account. Instead, try to look beyond the free gifts on offer in order to make sure the account meets your requirements.

If you plan to go onto university, you'll find that many banks offer a tailored account to meet the needs of students. These accounts often offer low-interest overdrafts as well as preferential rates on contents insurance, transport and other incentives. For example, Barclays offer a tailor-made student current account which offers an interest free overdraft, debit card and online and telephone banking as standard facilities.

Whatever you're looking for in a current account, it's important to shop around to find the account which best matches your requirements. Most banks have a website where you'll be able to learn about and compare the various products on offer, but it's also a good idea to pop into a branch and speak to an advisor and get your questions answered.

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