Poll
Bank Account FAQs
Q: Why are there different types of bank accounts, why can’t they just be the same?
A: There are a growing amount of cross-over features between accounts but as a rule different customers have different needs, hence different bank accounts
Q: I like to do absolutely everything over the internet these days if possible. Are internet bank accounts secure?
A: Banks have invested huge amounts of money in making the online access to their accounts as secure as possible. For banks there are big savings to be made by utilising the internet and it’s also a major customer requirement these days so they will continue to make sure that they stay secure.
Q: I’m a bit worried that if my son, who is 13, gets a young person’s current account he will run up an overdraft. Is that possible?
A: Many young person’s accounts don’t allow overdraft facilities and having an account can be a good way to learn responsible money management.
Q: If I put my money in a savings account does it mean that I can’t spend it?
A: The access to your money will very much depend on which savings account you choose. Many have very flexible access although they may have a notice period or a maximum daily withdrawal.
Q: I want to save some money at a higher rate but I really don’t want to be bothered to keep checking my account to see when I should be shifting funds. Why can’t I just get the extra money put into my savings automatically?
A: Although the account you have now might not allow it, many current accounts have a sweep facility that will do just that. It will check for funds over a predefined limit and automatically sweep the extra money.
Q: Will the bank where I have my current account give me a better deal on a personal loan for being a loyal customer?
A: It’s possible that they will. Check with your bank and then compare the loan offers on the market.
