Save Money – Pay Less for Your Current Account.

1. Calculate whether interest paid on credit balances exceeds charges on overdrafts and any other fees you incur.

2. Find a bank where it is easy to switch. Several have set up specific teams to deal only with switching.

3. Beware that some of the best current account offers may require minimum sums to be paid in each month.

4. Consider your priorities and personal circumstance. For example, some of the best deals are available online or over the telephone but some customers may prefer a bank with branches near to their home or work.

5. Use direct debits when possible as companies often offer discounts when paying in this way.

6. Remember that the easy way to avoid unauthorised overdraft charges is to ask before you borrow.

7. Consider whether you would use the perks, such as free travel insurance, offered by packaged current accounts, before paying up to £15 per month.

8. Consider an offset mortgage if you are a higher rate taxpayer who keeps a high credit balance.

9. Discover what a bank is good at and if that is what you want, for instance, cheap loans or cheap credit cards.

10. Be prepared to complain to your bank and if you receive an unsatisfactory response, contact the financial ombudsman by email at info@financial-ombudsman.org.uk or telephone on 0845 080 1800

Remember, you must protect your money.

Source: The Daily Telegraph

These are ten important points to consider when setting up a current account.

To take it one step further, some people will find that an account with a Building Society that gives the facility for using a cheque book with their current account is a simpler way to keeping a watch on their finances.

This is all serious stuff, but it is important that you keep a check on your finances in every way.