When you are considering whether or not to open a current account, remember the following benefits and drawbacks:
Benefits:
> Interest paid on account balance
> Easy, fast access to your funds
> Fast, easy and charge-free transfers of funds for bill payments
> Package accounts provide additional money-saving benefits
> Overdraft facilities
> Electronic payment facilities
> Chequebook facility for cashless payments
> Specialised accounts for different customer groups; increasing the likelihood of good-value services
> Management of regular payments (for example your monthly salary)
> Online, electronic mangement of money available
> Access to money abroad without the need to exchange cash
> No need to carry large amounts of cash, increasing safety
> Statements issued to simplify money management and budgeting
Drawbacks:
> Usually low interest rates
> Maximum daily limits on cash withdrawals
> Fees charged for package current accounts
> Special services may incur heavy charges
> Security of electronic transfer and card payments can be compromised
> Paperwork and terms and conditions can be confusing and time-consuming
> Large corporate businesses may pay large fees on transactions
> Losing a card can restrict access to funds
> Chance of fraud when using internet banking
