Comparing Accounts
If you're comparing a number of different banks, and can't decide which to choose, make sure you find out the following things:
- Will the bank help you switch your account to them, or will you have to do this yourself?
- Can you access your account details in a way that suits you - for example, over the phone, via the Internet or WAP phone, or through digital TV?
- Are there any charges for using the cash machines of other banks and building societies?
- Does the bank provide access to cash machines and have branches where you are likely to need them (if you want branch access)?
- Can you pay in cheques and cash in a way that you find convenient?
- Is there a minimum amount that has to be paid into the account each month?
- Does the bank pay interest on credit balances? If so, how much?
- Does the bank charge a monthly fee even when you are in credit?
- What fees will you have to pay if you overdraw?
- How much interest does the bank charge when you are overdrawn?
Extra questions to ask Internet-only banks:
- Is there a charge if you contact the bank by phone rather than by e-mail?
- Does the bank provide prepaid envelopes for paying in cheques through the post, or will you have to pay the postage?
