Most current accounts are still free however they do seem to impose charges at every available opportunity - here is some to watch out for.
For most people in credit, the cost of using a current account will be negligible, if not free. However, there are occasions when you may need to use banking services that incur a charge.
Below is a list of some of the banking services that you may need to pay for. If you anticipate having to pay for any of these services on a regular basis then it would be worthwhile choosing a current account that charges less for those services.
- Overdraft arrangement fee
- Interest on amount overdrawn
- Fee for going overdrawn when not arranged
- Stopping a cheque (except for lost /stolen cheques)
- Special presentation of a cheque
- Bank draft (sterling)
- Copies of paid cheques including providing details of paid cheques
- Duplicate statement/historic copy
- Same Day Value Payments (CHAPS)
- Foreign currency, travellers cheques and international transfers
- Cheques, standing orders and direct debits returned unpaid
- Unauthorised borrowing - items referred prior to payment (Referral Fees)
- Misuse of cheque guarantee card / Switch
- Cashpoint withdrawal outside the bank's network
- All Transactions Abroad
