Your first current account | All you need to know

Not so many years ago, opening a bank account was a remarkable event in the life of people. Obviously our relationship with banking products was very different from today. However, from that excess importance of the product, to the madness of lack of control in managing one’s own accounts we’ve seen in recent years is a very long way in which, as usual, the best is the middle ground. Let’s review some considerations and provide some interesting tips for a good choice of your first current account. The fact is that today the opening of current accounts is very simple, the requirements are also basic in general and in fact this would be it, probably the simplest banking product to contract but this does not mean that there aren’t certain requirements essentials needed to access such service.

Basic requirements for opening an account:

– Identity
– Signing of bank account

Depending on the type of account or product that you are going for you may need some extra things although it is not usual. On the other hand hiring an account via Internet remains largely the same with similar steps just digitizing the process as we ourselves fill and send the documentation, although in all cases we receive physical paper of the contract subscription for the service.

Bank options

Bank options

The type of bank account

Obviously it is essential to determine which type of bank account you desire. If it’s your first account you must be clear about the model that interests you so you must ask three basic questions to yourself:

What am I going to use the account for?
How much will I enter into that account?
How much will come out of that account?

Being clear about the above will help have a much better chance of succeeding with the product. Although there are many more models of bank account one would basically find three possibilities:

Demand Account: This is the account of life in which you can domiciliary your income and expenses, with which you may associate cards and checks, and ultimately allows you all standard functions expected of an account dynamics. You should pay special attention to the commissions as they can make the difference between an interesting product and a bad product. Generally in demand accounts you will be able to negotiate the cost of commissions from linking a regular income or payroll debit although in this case you may be more interested in payroll accounts.
Payroll Accounts: These accounts are designed to accommodate the direct recurring revenue from users, for which they offer a number of benefits that generally demand accounts do not offer. We should note that there is a fine line between a demand account and payroll account, which will be exceeded only by the fact of domestication of revenue in many cases. Usually these accounts do not have fees and offer advantages such as reducing the costs of the cards, or access on favorable terms to other products. More and more rarely they may also offer low pay for the balance of the account.
Paid Accounts: The other major group of accounts. In this case, usually but not always, these are accounts with little functionality, ie, you can deposit money no problem and transfer seamlessly to other of your own accounts, but can’t ¬†have debit or expense cards associated with it. This is because it’s the traditional form of savings account, but, as mentioned, there are some intermediate options straddling between bearing account and payroll account which generally respond to very specific proposals on the time.

Online accounts vs offline accounts

Today the most attractive deals when it relates to paying bills online always coincides with the acquisition of new customers. In these cases the yield rises above the average for a given period of time. It is therefore in these situations when actual compensation may become attractive and determinant.

Today the border is blurred. The slope compensation has served largely to meet the proposals, so that while we can still get paid differences between online and face accounts, the bargaining power of the latter makes it not so clear who wins the battle in profitability between products.

Therefore we can conclude that regardless of pay, now you have to find the differences in point of use and functionality.

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