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    There are various types of bank accounts, depending on your needs. Some bank accounts will charge a monthly fee and some will also pay you some interest.

    Things to consider when looking for a bank account:
    I always look at whether there's a local branch. It's sometimes quicker to just walk into a branch and talk to a human than talk to someone on the phone. It also means I can pay and withdraw money over the counter if I need to.

    All (or almost) banks will now offer internet banking and apps for you to manage your money on the go.
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    Current accounts:

    These come with a debit card which allows you to buy things online, withdraw money from a cash machine and buy things on the high street.

    Your debit card might be contactless. As of October 2016, the limit for spending on your contactless card is £30 per transaction.

    If you pay a monthly fee, you may get things like travel insurance, phone insurance or car insurance. You may need to shop around to see if it's cheaper to buy things separately.

    Some bank accounts will also give you money if you switch. If you refer someone, you (and your friend) may also get money as well.

    Here is a comparison of current accounts. Includes ones where you pay a monthly fee.
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    ISAs: (Individual Savings Account)

    These are exempt from tax. As of April 2016, the savings limit is £15420 for cash ISAs. There is also a stocks and shares ISA.

    You're allowed one cash ISA per tax year.

    Here is more information on the different types of ISAs currently offered.
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    Savings Accounts:

    These sometimes pay higher interest than ISAs. Depending on the terms and conditions of the account, you may need to pay in a certain amount per month. You may also find that you're limited to the amount you can withdraw.

    If you don't earn enough to pay tax, you can fill in a R85 form so that your savings aren't tax. The first £1000 of your savings are tax free.

    Some savings accounts are only for people who already hold a current account with certain banks.
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    Student Accounts:

    These tend to come with freebies, such as a railcard. The offers change each year. You'll get an interest free overdraft. The amount offered varies by bank and may be affected by your credit rating.

    Here are the current maximum overdrafts that each bank will offer students.
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    I have been with Nationwide for years now and last year I got my first conactless card.
 
 
 
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