Everyone who has money needs a bank account to keep it in. The days of keeping
money in a shoebox under the bed are long gone. But which kind of bank account
is best for you? It depends on your needs. If you are running a business or have
lots of bills to pay, you will need a transaction account with a chequebook
facility. You will probably also want the option of using telephone and computer
banking.
But if you want to save your money and donę° have bills to pay -
or not many - then a savings account with no fees and higher interest will be
more suitable. There are many different types of savings accounts and some offer
chequebook facilities for convenience - but you may have to pay for that in
extra fees.
If you have one of the above, you can also get an online
account that must be accessed through another bank account. Why? This will give
you access to even higher interest rates and so help you save more. You can
transfer balances around all day for no fees, and if you are likely to have a
large amount of money for a short time, e.g a loan, then you can make it work
for you by getting interest on it, even if its only in that account for a few
weeks.
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