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Banking used to be quite straight forward and people would tend to just stick to a bank brand that they were loyal to. However, these days there are a lot more banks to choose from and they have many different types of accounts for you to choose from. It is worth learning about your options so that you can make a choice.

Interest Paying Current Account
Years ago most current accounts paid some interest but since interest rates have been so low, it is very rare. However, there are a few accounts that do pay interest on limited balances. Swapping to these could be a risk as the interest amounts may change especially if interest rates remain low, but if you are happy to do the paperwork you could gain some interest on your money.

Cashback Current Accounts
These accounts will give you rewards in interest when you pay bills. You will need to calculate whether you will gain very much for switching to one as there is likely to be a monthly charge and that may be offset by the cash back.

Accounts with Insurance
There are some accounts which you pay for, which come with free insurance cover. These can be really good if you would normally pay for that insurance separately and it works out cheaper to have it through them. However, it is wise to compare prices to ensure that you are getting a good deal.

Cheap Overdraft Accounts
If you often hold an overdraft on your current account, then it is worth looking for an account that has a cheap overdraft facility. This could mean a low fee, low interest rate and low charges if you exceed your limit or possibly all three. It is worth doing some research to see how banks compare on this as you could find that there are quite significant differences between them.

Reward Accounts
A reward account will give you a lump sum when you switch to that bank. This can be good as long as the account suits you in other ways. The lump sum may not be that much money and you may find that it is more expensive in other ways, such as overdraft charges. Therefore make sure that you look into it carefully and make sure that it is the right account for you before being enticed by the cash.