Overview of UK Banking

In this section, we cover the various bank accounts available in the uk. The following are the main types of bank account:

• Current accounts - these are the most popular and most basic type of bank account. These allow you to make deposits into the account, either via the bank or by making electronic transfers into the account, and also to make payments out of the account, usually via debit card or cheque, electronic transfers, or by withdrawing cash at an ATM.
• Savings accounts - these are intended to provide a separate account to enable the customer to save money. Nowadays, savings accounts often allow instant access to the money, and offer significantly better interest rates on positive balances than current accounts.
• Premier accounts - these are a special type current account which give the customer a number of extra benefits such as travel insurance, phone insurance, breakdown cover etc. The customer pays a monthly charge for these benefits.
• All-in-one accounts - these accounts bring together your mortgage, savings, credit cards and current accounts. The main advantage is that you save interest charges on your mortgage, by offsetting your savings against your mortgage.
• Student and graduate accounts - these are available to students/graduates. They often offer interest free or low interest overdrafts.
• Foreign currency accounts - these are the same as current accounts, but are denominated in a currency other than sterling. Typically they are denominated in Euros or Dollars.