Specialised Current Accounts

There are numerous specialised current accounts available due to increased competition between banking institutions. A specialised current account is a current account aimed at one specific group of people, offering advantages from which they would benefit. Many banks and building societies offer: student accounts, often including generous interest-free overdraft facilities and welcome gifts such as a free travel card; young person accounts with higher interest rates; over 50s accounts, offering free insurance and self-employed accounts, offering free access to independent financial advisers. For specialised accounts, you will need to fulfill the required customer criteria to qualify (see Terms and Conditions Surrounding Current Accounts).

It will not always be advantageous to open a current account which is tailored to a particular consumer group, even if you fit into the specified consumer category. Although the account may offer you specific benefits, you could find that these are counteracted by unfavourable terms in other areas. For example, you may be offered a student account with a free overdraft but be required to pay high penalties if you exceed this overdraft limit. In contrast, you may find that a basic current account allows you to arrange an overdraft facility free of charge and will charge you lower fees for exceeding your limit. Research the options available to you and do not assume that an account which claims to offer you a good deal will necessarily suit your needs.