Topic 4 - Choosing a current account

Question 1

What different types of current account are there available?

Answer 1

Standard - Offers full range of payment methods including debit card and chequebook
Packaged - Charge a fee for including additional services with the account, such as travel insurance.
Basic - Offer a debit card/ cash card but no overdraft facilities.
Student - Often with interest-free overdraft.
Youth accounts - < 18 year olds
Premium - For Wealthy Customers.

Question 2

More detailed description of accounts:
Basic - designed for people with low incomes or people who have not held a current account before. This type of account offers cash card/debit card but not an overdraft. You can also create standing orders and direct debits from the current account.
Youth - Available for people aged under 18 years old, does not offer overdraft because you have to be 18 to sign up for an overdraft. Offers cash/debit cards, standing orders, direct debits and chequebooks.
Standard - Offer full range of current account facilities that are similar to Youth account, offers overdraft.
Student - Designed for students in higher education