Current bank accounts are an essential part of life for most people. Providing a secure service in which to store one's cash, as well as offering various payment facilities, a current account can provide individuals with the means to effectively protect and manage their personal finances.

Over the years, and due to increased competition in the financial marketplace, value-added current accounts are becoming more popular. In addition to providing the standard facilities, which include flexible payment methods, a cheque book and debit card, and access to available funds, they offer the consumer a wide variety of extras.

One of the main differences between a basic current account and one which can be individually tailored is interest. Increasingly, the financial institutions are offering customers the opportunity to earn interest on their money, without it having to be in a savings account. In some cases, it is even possible to earn more interest with a current account!

With value added current accounts, and dependent on the options available, the customer can also choose to set up an premium current account that offers benefits like travel insurance, cash back, payment protection and an overdraft facility in return for a monthly fee. This type of account is great for those who lead demanding lives and would prefer to compound their activities into one transaction.

Due to the fact there are so many different types of current account available, the experts suggest that you do your research and find one that suits both your financial situation and your lifestyle. For example, some accounts may require a minimum amount to be paid into them each month, whilst others offering high interest rates may require certain conditions to be met.

Additionally, it is wise to be aware of your banking history, in order to ascertain which type of account is best for you. For instance, if you are prone to being overdrawn, it is advisable to search for an account that will minimise your fees and interest charges. However, if you regularly have cash in your account, it is best to focus on credit interest rates.

The rise of online banking has meant that searching for, opening, and managing a current account is even more straight-forward. The option to access your account, for free, 24 hours a day, set up direct debits and make payment transactions without having to enter a bank, has revolutionised the way people manage their money.

Indeed, according to research carried out, nearly 25 percent of UK consumers described online banking as ‘vital' to the organisation and management of their personal finances, with predictions that by 2020 eight out of ten people in the UK will be using an online bank account.

Whatever your needs, it is unlikely you can get by in today's society without some form of bank account. But while opening a current account is often the easy step, selecting the right one to best serve the needs of you and your money can more of a challenge with so much choice in the marketplace.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.