When deciding upon a current account, there are a few things to take into consideration. Think about how you’ll use your account, the amount you’ll regularly pay into it and the benefits you may need. Here’s a quick checklist of what to look out for:

• Fees and interest: these will differ between accounts, so it makes sense to shop around.

• Interest rate: competitive rates are sometimes only paid up to a certain amount, once this has been reached lower or no interest may be applied.
• Monthly fees: some accounts charge an account fee, for which customers will often receive additional benefits such as travel insurance or mobile phone insurance. You should examine these services carefully and decide whether or not the benefits will out way the extra costs.
• Unauthorised overdraft charges: Many banks may charge fees on top of interest if customers go overdrawn without having an overdraft, or exceed their overdraft limit.

• Minimum monthly funding: check if you are required to put a certain amount of money into your account on a regular basis. This is often true of the higher interest current accounts.

• Overdraft buffer: if you anticipate going overdrawn, this facility will allow you to do so (up to a specified amount) without incurring charges. A credit check is necessary before an overdraft facility is made available, and you should be aware of the possible overdraft restrictions and fees mentioned above.