Which Current Account Is Right for You? Here's Which One to Choose

Fortunately, thanks to recent, increasingly stringent regulations regarding banking transparency, credit institutions are now responding by offering much more detail and information about their products, included services, and associated costs. Therefore, it has become much easier to compare offers from different banks and find the current account best suited to your needs. Special attention should be paid to online current accounts , which are increasingly numerous and competitive, responding to growing customer interest. Generally, online accounts are presented as more affordable than traditional banking offerings. An online account can be the ideal solution for many individuals, offering complete satisfaction at a very competitive cost. It's important to familiarize yourself with each offer to determine whether it's truly beneficial for you.

Types of current accounts

There are different types of current accounts, based on the services and fees included in each plan. Different account types correspond to different account holder profiles. Let's take a closer look at the general scenario, highlighting the main differences between the various account types.

Basic Account

Offered by all banks, it essentially serves a dual purpose: to enable the traceability of funds and to guarantee access to banking services even for those with minimal banking needs. This is a current account aimed at private users with low incomes. The main features of a basic current account:

• No opening costs
• No annual fee
• Stamp duty excluded for certain categories of account holders (ISEE income less than €8,000/year and pensioners with a pension less than €18,000/year)
• Limited number of operations per year
• Services included : deposits, withdrawals, bank transfers, utility bills, salary/pension credits, debit card (Bancomat)
• Excluded services : checks, credit cards, financing, securities deposits and overdrafts

Please remember that ATM transactions are unlimited, but incoming and outgoing bank transfers are not.

Ordinary Account

It represents the standard current account for credit institutions. It can include a whole range of banking services and come in different forms, depending on your needs. There are four main types of ordinary accounts:

• Fixed cost : unlimited operations are included in the annual fee, without any additional costs
• Pay-as-you-go : there is no annual fee, but you pay for each individual transaction you make.
• Package : the fee includes, in addition to the basic services, other features: insurance coverage, safety deposit boxes, securities management and much more
• With deductible : the annual fee includes a certain number of free operations, after which each individual operation is paid for

Online Current Account

A product of recent technological advances, internet banking can essentially be free , meaning there's no fee, or a fixed fee . Typically, online accounts offer unlimited online transactions (over-the-counter transactions usually cost money), and they usually offer debit and credit cards at no additional cost. Therefore, when looking for a convenient checking account , the best options usually come from online banks.

Deposit Account

It differs from a checking account because it is an instrument designed exclusively for depositing money , which is left on hold to earn interest (these accounts have a higher interest rate than a checking account). It offers no services beyond deposits and withdrawals. We can think of it as a savings management account. Consider opening a specific account for minors, where parents can transfer their savings to their children.