• There are a wide range of bank accounts to choose from in the United Kingdom.Money Bank image by kennysarmy from Fotolia.com
  
  Selecting the right type of bank account for your needs is crucial if you want to keep your finances in order. There is a wide range of accounts to choose from in the United Kingdom, from a basic current account to a full package account that might come with travel and mobile phone insurance included. Look carefully at the charges and fees that come with different bank accounts and try to match the account with your own financial requirements.
  
  

Checking account

• With a standard checking account you can pay money in and withdraw money, either in person, over the telephone or online if you opt for Internet banking. The bank will help set up regular standing orders and direct debits to help manage bill payment. Banks will usually agree a set overdraft limit with customers and issue a checkbook and debit card to withdraw cash from an ATM or pay for goods and services.
  
  

Basic

• A basic account might be used by people with credit problems. A basic account does not have overdraft protection or other features of a standard current account such as a debit card or cheque book. Not all high street banks provide basic accounts.
  
  

Savings

• Savings accounts tend to pay more interest than standard checking accounts but can change the terms suddenly, so compare your options. Consider whether you need an online savings account or whether you prefer a branch-based account or a postal account. Also think about whether you need to make withdrawals during the year as some savings accounts may limit them or offer a lower rate for that service.
  
  

Tailored

• Most banks provide accounts for students, graduates, children and older customers. These often come with incentives such as a free railcard for students or favorable mortgage terms for graduates. If you are a high-earner most banks will offer a premium account that comes with personalized service and investment advice.
  
  

Specialist

• Specialist accounts are offered to people with certain religious beliefs. One example is an Islamic account that follows the laws of Islam. Other examples include Euro accounts and specialist business accounts such as those designed to accommodate professions such as farming.