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Have
you ever felt that you aren't doing enough with your cash? If so, it's
probably the fault of your bank account. When it comes to bank accounts,
it certainly isn't a case of "one size fits all" - there are
hundreds of accounts out there, all catering to different needs. If
you're constantly overdrawn, then an account which is aimed at high
earners won't be right for you. Similarly, those with substantial
savings will do nothing for their financial solvency by keeping large sums
in a current account. The key to keeping your money performing is to find
a banking scheme which is tailored to your needs.
Current accounts for high earners
If your account is always in the black, then what matters most is making
interest on your positive balance. Bear in mind that, with most accounts,
you will only earn interest on a limited amount, so it's advisable to
put anything above that into a top savings account to maximize interest
payments.
Current accounts for low earners
Are you constantly overdrawn? In that case, you should consider current
accounts with a 0 per cent overdraft. Many of these accounts restrict you to online
banking, but pay a much higher interest rate if you are in credit.
Savings accounts
A good savings account should significantly beat inflation after tax and
allow you easy access to your money. The best are now online.
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