If you’re looking to open a bank account, it can often be difficult to know where to start. There are various types of bank account available, all designed to cater to different needs.

You may find that having a credit/borrowing facility is useful, if you tend to borrow a bit of extra cash to make ends meet from month to month – in which case, a bank account with an overdraft may certainly be worth considering.

Looking from a different angle, you may have had problems with debt in the past, and therefore would really benefit from an account that doesn’t come with the ‘temptation’ to borrow. In this case, a basic bank account without an overdraft facility could be ideal – you can see an example here: http://thinkbanking.co.uk/basic-bank-accounts/.

These are just a couple of the considerations you may take into account when looking for the best bank account for you. Let’s take a look at what your main banking options are. [Read more...]