Current Accounts: Factors To Consider While Opening An Account

With so many banks available, you may not be able to decide which bank you should choose in order to open a current account.

Here are some factors that you need to keep in mind while comparing different current accounts across various banks.

1. Annual Equivalent Rate
   AER is the percentage of return that you can earn from your in-credit balance in a year. You need to go for an account that provides a high AER.
2. Effective Annual Rate
   EAR is the loan interest levied up on by your bank in a year after crossing the overdraft limit. In order to entice new customers, banks are offering 0% EAR for the first year.
3. How do you want to access your account?
   Some banks allow you to see your account details online and all your concerns are answered through email or chat support. It lets you access your account anywhere, anytime. Some banks provide both online service as well as provide assistance face to face by visiting the branch. Choose what suits you the best.
4. Using your card internationally
   If you are someone who often travel to foreign countries, you should research how much you need to pay for accessing your card abroad.