How to choose the best checking account? What are the costs that should absolutely be avoided and what are the conditions that must never be renounced? Common questions that arise even when taking out a loan, for example the weight that the monthly reductions can have in the total calculation of expenses. Each of us would like to be able to rely on a single bank, and also have the best current account per loan here.
In this way you would enjoy a significant simplification: a single account with which to balance the accounts, keep the deadlines under control and perhaps be able to save money by moving some sum to a deposit account or savings account. When doing research, the best starting point always moves the right questions, so let’s see what conditions and characteristics are to be evaluated.
1) Is the online or classic account better?
We are used to the fact that making online purchases of various kinds (from insurance to trading, from designer products to more cheap ones) allows you to almost always get a great deal of savings. So why for an online checking account the situation should be different? In short, it is assumed that the best current account per loan is necessarily online. But it may happen that at the end of the month the accounts of the costs incurred for keeping the account itself do not return. Is this a scam?
No, the wrong product was simply chosen. First of all, the offer of a banking or postal relationship via web, to be managed mainly independently, focuses precisely on the fact that most of the operations will be carried out thanks to the help of the software, without the intervention of the bank operators. So if you turn to staff working in an agency, you have to pay a “price”.
Online current accounts are better than traditional ones, if you decide upstream to make use exclusively via the web, excluding all or part of the more traditional intervention.
A very typical example is found with Orange Current Account : a zero-expense account, which includes wire transfers, loan rids, debit and credit card fees (also Visa Oro), and no management or communication costs if you manage it online. But if you choose paper communications or request transfers with other channels, then you can get to spend up to 5 euros per operation.
2) What costs shouldn’t be on the best current account per loan?
There are many cost items to consider and sometimes it is difficult to identify them all in an information sheet. To simplify the evaluation phase, particular attention can be paid to some items that should be zero or resettable with some simple choices:
- communications and bank statements : choosing the digital option should not have any hosts applied;
- unlimited transactions : if a limited number of transactions is associated with each period (month or quarter), then something less expensive must be sought;
- taxes, mortgage reductions and loans, taxes and domiciliations : from F24, to the MAV until the domiciliation of the utilities, the service should be offered free of charge;
- wire transfers : in some cases for the Sepa area they are included in the monthly fee.
If an account has zero expenses then it can provide for a contribution to the operation. Here you must be very careful observing the limit above which an increase in the commission applied is triggered, and the difference in costs depending on the channel used (internet banking, phone banking or physical counter).
Instead, they can be optional: annual ATM fee, annual credit card cost, contribution for renewal or change of pin.
In this regard, one of the best examples is represented by the Cream Bank current account at zero cost both for the fee and for the expenses including: top-ups, domiciliations and wire transfers.
The account offered by the Lite bank online bank also guarantees, thanks to the promotion with Amazon, a voucher of 150 euros (which can be subscribed to by clicking on the following banner).
Once the various offers that do not shine for convenience have been discarded, one must firstly make the very fact that the best current account is not “forever” and is not “absolute”. For the first aspect, you must always be up to date to move according to your convenience by taking advantage of the facilities for moving your account and the various rules on liberalization.
Remember that domiciling a loan on a particular current account does not force us to keep it open until the loan is closed. In fact, it will be possible to close it at any time by personally taking care of the communication of the new iban to the bank (or the financial company) or to rely on the new credit institution thanks to the Move account services (see also Inps pension credit bank change ).