How to Choose a Current Account?
A current account is one of the essential tools for managing and administering your finances.
In fact, the current account serves various functions, although its primary role is to facilitate financial management through its custody and the use of services, allowing operations to occur 24 hours a day via online banking.
Moreover, having a current account allows you to request a credit card, an ATM card, and even to use checks; it enables you to have your salary credited, make bank transfers, and much more.
Like every service offered by the bank, having a current account comes with costs, some fixed and others variable. In this article, we will explore the parameters for choosing a current account and the four best options.
Is it Better to Choose an Online Account or a Traditional Account?
Which is better, an online current account or a traditional one? Let’s find out together!
However, let’s start with a premise: online current accounts and traditional accounts are functionally identical in every way. The difference lies in activation, which for the online account can only occur via the web.
The traditional current account is recommended for those who are not very comfortable with internet banking services and for those who prefer a more direct assistance relationship. This is not to say that online accounts cannot receive assistance; however, since everything is set up online, support cannot be provided at a branch.
Economically, online accounts tend to be more attractive because they often offer good interest rates on balances and do not charge fees for operations. From a security standpoint, they do not present particular issues, though it is essential to be more careful with your personal data.
In particular, it is advisable to keep access codes secure, use a personal computer, and never enter your information in response to emails.
Check the Free Services Offered
Not all current accounts are the same. Depending on the type of account and the issuing credit institution, they may offer paid services or not. Online current accounts, for example, typically provide free services with related costs borne by the bank rather than the account holder.
Among these, for example, we find waived credit card fees, free withdrawals at all ATMs, free communication sending, and the bank covering the stamp duty on the account.
Thus, to save money and choose the best current account, it is necessary to compare the informational sheets of the various services offered by banks and determine which current account provides the most of the aforementioned services for free.
Although there can be exceptions, the primary purpose of a current account is to manage money, not as a tool to increase its value.
For this reason, yields are generally quite low. But how can you calculate it? Simple: based on the interest paid by the bank for the ‘loan’ received when you deposit funds into the current account. To evaluate the yield, you need to know the value of the net interest paid by the bank, which is obtained by deducting taxes and fees from the gross interest.
At this point, it is possible to calculate the annual yield. Higher yields can often be obtained by using banks that operate online and usually offer higher interest rates.
Compare These 4 Most Common Current Accounts
There are dozens of advantageous accounts, and many can be found online.
To facilitate your search, here are the five best current accounts that we believe are worth considering.
My Genius
If you are not already a holder of a UniCredit, BuddyBank, or Genius Card current account, you can open the My Genius account for free online in just a few steps, even with a selfie for identification, directly from the website.
Thanks to this current account by UniCredit, you get an international debit card and a multichannel banking service. This zero-fee account provides various services for free:
– Free SEPA transfers and online transfers in euros to EU/EEA countries and the Republic of San Marino;
– My One debit card;
– Support available 7 days a week.
Conto corrente Fineco
Fineco Bank aims to innovate banking and simplify your life. In fact, having a Fineco current account allows you to access a wide range of services that few other banks offer.
Up to the age of 28, it is possible to open a zero-fee account with this credit institution and enjoy the same advantages as paying customers.
The current account can be opened online, by phone, or at a branch using an identity document and tax code. The account includes:
– Free withdrawals on the BANCOMAT® network for amounts over €99;
– Free withdrawals up to €3,000 from all UniCredit ATMs in Italy;
– Free debit card;
– Free and unlimited SEPA transfers;
– Commission-free mobile phone top-ups, even automatically;
– Online loans up to €50,000;
– The Fineco Pay service, to transfer money using a mobile phone number.
SelfyConto
Mediolanum has designed the SelfyConto account to allow you to manage all your expenses independently directly from your mobile phone.
It’s a zero-fee account for the first year or for those under 30, who can receive a free debit card and make withdrawals at all ATMs thanks to this service.
Additionally, Mediolanum offers the ability to manage all major banking operations for free, such as requesting loans in real-time, managing funds online, and trading to make profits.
From the app, you can check your card transactions at any time, split payments, and block your cards for 48 hours in case of emergency.
Moreover, with the BANCOMAT Pay® and Plick services, you can send and receive money in real-time.
Conto corrente Crédit Agricole
The current account from Crédit Agricole is a convenient and practical online account designed for managing and administering your finances independently directly from the app.
There are two versions available: Smart and Full.
Smart Version Features:
– Fee: €5/month (free for those under 30; €4 for those who choose to have their salary or pension credited);
– Easy Cash debit card included;
– Unlimited free withdrawals at Crédit Agricole ATMs and 30 annual withdrawals included at ATMs of other banks.
Full Version Features:
– Fee: €10/month (€5 if you have assets exceeding €80,000);
– Nexi Classic credit card included and a 50% discount on the Nexi Oro credit card;
– Easy Cash or EasyPlus debit card included;
– Unlimited free withdrawals at Crédit Agricole ATMs and 40 annual withdrawals included at ATMs of other banks;
– Online SEPA transfers included.
These are just some of the offers available. Now that you know how to choose a current account, if you’re looking for a particular offer, here you can find the best current accounts categorized for you. Choose the one that suits you!
