Online Current Accounts – Introduction
What is a current account
The current account is a real banking contract that allows you to manage your money avoiding the use of cash for all daily transactions.
The bank account: what it really is
This product allows you to take advantage of a series of services offered by the Bank with which the contract is stipulated, such as for example the payment of bills by direct debit, the issue of bank checks that replace cash, the use of an ATM or card of debt, the use of a credit card and to carry out both physical and online transactions through Internet banking functions.
A current account may be registered to one or more persons and, in the latter case, provide for each “joint account holder” to issue instructions independently or only together with all other holders of joint signatures.
The current account allows you to carry out a very wide range of transactions whose characteristics and specific costs are described and regulated in the contract attached to the current account and in the Information Sheet that is provided at the time of opening of which it is always important to read before subscribe to the service.
What is the current account?
During the phase of choosing a banking product, we always recommend asking the operator of the bank counter for any explanations on any topic that is not clear, or carefully reading all the conditions on the Internet pages of the banks where we are opening the current account online.
The advantage of opening a bank account in the bank is precisely that of having immediate access to your money without having it with you always with the risks of always carrying it with you, having it whenever you want and wherever you want and making payments thanks to the different services that are put at your disposal: credit cards, debit cards, checks, online banking services, etc. etc.
Each current account has different characteristics and costs : the opening cost, the transactions included in the fee, the access to the online bank via internet banking and so on.
The types of traditional current accounts
There are different types of accounts but these can always be summarized in two macro categories.
Ordinary current accounts called “on consumption”
The so-called consumption accounts are those in which the expenses depend on the number of operations carried out, therefore: the more operations we do, the more we spend to use the account.
Current accounts with the so-called “package” fixed fee
The accounts which, against payment of a fee, included a certain number of transactions.
Before opening a new current account and making a choice it is important to ask yourself what it is opening for, so as to orientate your choice towards the product that best meets your needs; it is also necessary to assess what the frequency or type of use will be. For example, in the case of package accounts, we always suggest that you inform yourself very carefully about the number and type of transactions included in the fee.
With the passage of time it will always be possible to vary the type of account to adapt it to your needs, so as to change it according to the real needs, even if this will have a cost, in most cases.
The advantages of a zero-expense current account are there, and we will see them in the next articles of this guide to online current accounts
In consumption accounts , expenses always depend on the actual number of operations carried out: so very simply … the more operations you do, the more you spend at the end of the month. Instead with the package accounts this cost is predetermined by the established fee.
The package accounts are then divided into accounts ” with deductible “, in which the fee includes a limited number of free transactions, and accounts ” without deductible “, in which it is possible to make an unlimited number of free transactions.
One thing we say immediately , for those who use the bill a lot, the more the fixed rate transactions are, the more convenient a fee is.
In the package accounts , we advise you to always check in the annual fee which and how many operations are included and, above all, what happens if you exceed the expected ceiling. The operations not included in the fee, in fact, cost a lot. For this reason, if you use the bill a lot, we recommend a fixed fee that includes everything. If instead you frequently do an operation and this is not included in the package, consider whether you should pay a fixed fee. Be careful , however, to the banks that advertise a fee indicating that it is ” all inclusive “.
Many times it is not so, indeed, many operations are not understood and are usually the ones we use the most. Bank transfers, for example, are usually excluded and in some cases only writing expenses or online transactions are included, up to a certain number.
If, on the other hand, you have a low level of operation, for example because your current account is credited only with your salary or pension and you make few checks, then a consumption account is convenient, in which the costs are directly related to the actual number of transactions completed. This more often than not they will tell you clearly , on the contrary, they will tell you to always go on a far more expensive type.
Our advice is therefore to always inquire .
Common sense is the collection of prejudices acquired from the age of eighteen.
Cit. A. Einstein