When it comes to bank accounts there are many types of them. They are made for different kinds of uses and each of them offers different facilities to the account holders. Facilities provided with each type of bank account may depend on the individual banks also. It is good to have a look at these bank accounts in order to learn the different kinds of facilities they offer and to learn the advantage of having each of them.
Basic bank account
When you open a basic bank account you could send your salary there and you could give standing orders to pay certain amounts to certain bank accounts. Usually, the bank will give the account holder an ATM card to enable him to withdraw money free of charge. However, when you withdraw from certain ATMs you might have to make a payment.
A current account also is used to manage day to day transactions of the account holders. Also you have the option to make standing orders for payments. It is usual to provide the account holder with a debit card with which you will be able to withdraw money from any ATM where you have the same logo such as the Master card or Maestro card is displayed. Another important facility you will receive is a check book with which you could make payments. The interest rates paid for these accounts generally are very low. You will have the facility of getting over drafts also with this type of accounts. You need to talk to the bank and arrange to get it.
As the name implies, these are accounts created to encourage people to save. You get a good interest rate for these accounts but the tax is deducted every time you withdraw interest money. Also you cannot do withdrawals frequently. Some banks want prior notice when you want to make withdrawals.
The special feature of student accounts is that they provide the eligibility of the holders to take overdrafts from their accounts. This is a free facility offered to students. There is a limit to over drafts and the limit depends on the individual banks. Some banks also offer incentives such as rail cards, complimentary insurance and electronic gadgets etc. in order to encourage them to open accounts.
You must find the correct account type and open your bank account in the bank of your choice in order to get the maximum out of the facilities offered.