Opening a new current account

While most of us would not dream of buying a new pair of shoes or trainers without trying them on first and doing a price comparison to find the cheapest retailer, we do not apply the same care when choosing our financial providers. Yet spending just a few minutes using the impartial uSwitch current accounts service could open the door to a current account that fits you.

Here are three things you need to consider before you open a new account.

Before even looking at opening a current account take an honest look at your money habits. Do you live permanently in the red? Do you think fees are a waste of money, but actually don't know what you get in return? Once you've worked out the normal monthly balance of your account you can identify the features you'll need when you search for a new account.

For example, if you're likely to need a permanent overdraft facility, you'll need to look out for an account with a low interest rate on overdrafts. If you are always in credit, finding an account with a high credit interest rate will earn you more interest than would normally be the case.

You may not think it is worth paying a fee each month for your current account, however look at what the provider is giving in return for your money. If you need travel insurance, mobile insurance or discount on a loan, then the account benefits will outweigh the cost.

We forget that we will need to interact with our bank, whether it's paying bills, paying in money or moving money from accounts.

If you don't live or work near a bank and are comfortable with transacting on the internet then online banking could be a great option. You can manage all your money through your computer 24/7 and this is also a good option if you travel or work outside conventional business hours.

If you prefer the comfort of having a branch you can visit, then you can select to find accounts with providers that have branches on your local high street.

There is nothing more annoying than buying something new and having a friend tell you they bought the same thing or, worse, something better for half the price. Comparing current accounts means you can be confident you have reviewed the options available and made the right choice for you, based on your needs.

uSwitch.com's comprehensive current accounts service compares the current accounts that match the banking you require in our secure and easy to use service. Once you've found the option, just apply through us and don't forget to tell your friends.