Negotiating Terms for Current Accounts

Generally, the terms and conditions set on a current account are fixed by your bank or building society. In fact, most issue terms and conditions for personal accounts in one overall publication that may be amended from time to time to reflect new offers and any changes in service. However there are exceptions, for example in the case of an account holder with a poor credit history, who may be restricted in the services he or she can use, and who may therefore be issued with a guide detailing their individual account terms. If you are later able to prove that you are receiving a regular income you may be able to negotiate better current account terms. It is then at the discretion of the bank or building society whether they offer you improved services (see Account Holder Credit History).

For business customers with specialised current accounts, terms and conditions can sometimes be negotiated with a financial advisor from the bank or building society, who may be able to tailor current account services to meet your individual business needs; generally flexibility will depend on the expected or actual turnover of the business.

Online terms are usually similar to those offered by high street banks and building societies. However, due to the reduced costs associated with maintaining online accounts, better interest rates are often offered by online banks (see Choosing a Current Account). Certain optional product services can be declined by the account holder if necessary. For example, a customer may choose to decline an overdraft and debit card, and negotiate greater benefits in return, such as a higher interest rate.