Current accounts are one of those things that people set up with very little thought. Everyone has one and they’re pretty basic, so every bank’s version is the same, right?

 

Wrong.

 

Current accounts can be drastically different, so instead of signing up with the bank your parents use or just choosing the bank that happens to be closest to you, do your research. You’ll be much happier when you choose an account that won’t deplete your funds with outrageous fees and will also benefit you down the line as your family's circumstances change.

 

Here are some factors you should take into consideration when deciding which bank to leave your money with.

 

1. How do I spend my money?

 

Are you someone who likes dealing in cash or do you use your card for every little thing? Banking fees include charges for ATM withdrawals and debit card usage, so once you’ve identified your patterns, find an account that charges the least for those habits.

 

A great example of of this is KBC - they don’t charge for Contactless Debit Card purchases or for Cashback*, meaning you could save money if your current bank has fees in place for those transactions.

 

 

2. In what way do I usually access my account?

 

When choosing a current account, you should always factor in the way you need to access your money. If you like managing your finances online or by phone, you need to ensure your bank can provide these reliable versions of these services. KBC's brand new mobile site and app makes banking so much easier for its customers on the go or when you have a money worry while in bed and don't want to turn on the computer!

 

3. What are the hidden charges?

 

When looking for your perfect current account it's advisable to look into any charges that might be applied. For examples, ome providers charge large fees for Internet/Mobile Banking or setting up a direct debit

 

There are current accounts available with minimal charges applied. For example, KBC won’t charge fees for:

  • Setting up and processing Direct Debits
  • Setting up and processing Standing Orders
  • Electronic payments into or out of your account
  • Using your card in store, online and over the phone

4. Am I getting the best deal on my overdraft?

 

If you find yourself occasionally (or regularly) dipping into your overdraft, it’s important you make sure you get a competitive overdraft deal on your current account, as those interest rates can really add up.

 

 

5. Does loyalty pay?

 

Many banks offer great deals to lure new customers in, but once you’ve stayed for a certain period of time, you find yourself stuck with large fees and very few benefits. There are providers that offer perks to people who continue to do their banking with them, so it’s worth examining these benefits before signing up. An example of this is KBC, where Current Account customers are offered bonus rates on personal loans, mortgages and regular savings.

 

6. Are my transactions safe?

 

KBC Debit Card is protected by MasterCard SecureCode, which means you will receive a secret one-time code by SMS to protect against unauthorised use when you shop online. The best part? No more passwords to remember!

 

To find out more about the KBC Current Account, visit KBC.ie. For information on terms and conditions, click here.

 

*Cashback is at the retailer's discretion and a purchase is required. A minimum amount may also be necessary.

Latest

Trending