When you’re looking at a new bank account, it’s important to look at a few different types of costs:
Account fees – This is how much you’ll need to pay out of your balance monthly for having the bank account. For some accounts there are no fees, but bank accounts that come with special rewards or features will have fees.
Unarranged overdraft fees – If you become overdrawn on your bank account, and you don’t have an arranged overdraft, you’ll be charged a fee. You’ll normally also be charged interest on the amount you’ve gone overdrawn by. These costs can quickly add up so it’s important to know them before opening a current account.
Using your card abroad – Some bank accounts also have fees for using your card to take out money in another currency from an ATM. They may also charge you for using your card abroad to pay for goods in a shop. If you travel a lot, it’s important to compare these kinds of fees.