When it comes to choosing a new current account, the choices that face you could be endless. In developed financial markets, like the UK, there can be a wide variety of decisions that you'll have to face before choosing a current account - especially if you're under 18 and your personal money flow has only just begun to take off. However, whether you're a teenager hoping to open your first current account, or you're simply hoping to switch your current account provider, there's one thing that’s sure to keep you on your toes: current account fees.
A recent survey carried out by the price comparison site, uSwitch, has found that about four in five people would consider changing their current account provider if charges were introduced on their current account. According to uSwitch, that's 83 per cent of UK financial consumers who would switch their current account - despite the average person remaining loyal to their current account provider for over 20 years.
In fact, the prospect of an end to free banking has stirred up British consumers to such a degree that the current account market is soon to come under investigation by MPs. The flurry of activity surrounding the future of free banking comes after First Direct's decision at the end of last year to impose a charge on its current account customers who deposit less than £1500 a month.
However, despite calls from some high profile banking officials to make fees on current accounts mandatory, free current accounts are still the norm in the UK and most banks and financial institutions will do all they can to help you find the current account that will suit you best.
Current accounts today offer much more than just a place to keep and manage your money. In fact, current accounts now offer a range of benefits, including travel insurance, mobile phone insurance and breakdown cover.
What's more, many current accounts can be tailor-made to suit your circumstances. For example, if you've just left school or college, you'll be able to find a current account to suit your own personal needs; the same also applies if you're a student or recent graduate. Many banks also offer Euro currency accounts, so you'll be able to hold your money in euros and avoid exchange rate fluctuations. And if you're a parent, you'll also be able to open a children's current account for kids until they're old enough to manage their own finances.
With such a wide choice available in the current account market, it would be impossible for you not to find what you're looking for. However, if you're still stuck, don't hesitate to utilise the services of online consumer comparison sites, which will compare bank offers and help you find the account that's best suited to you.
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Andrew Regan is an online, freelance journalist.
