How to choose a current account, comparison 2022

How to choose a current account? Comparison 2022. Few of you in today’s busy times can imagine daily life without an active connection to your bank. A bank account is an absolutely essential part of the lifestyle today. It is appreciated especially by the young generation, who understand technology and enjoy its benefits.

Card payments and mobile apps make shopping and trips abroad more pleasant. Modern bank accounts are also rivalled by services such as Revolut, which combine a current account, investment platform, travel insurance, currency exchange and other gadgets in one app. Do you have an idea of everything your current account can do?

What actually is a current account?

It is a basic banking tool that enables the management of your finances. It is set up and maintained based on your identification elements. It serves for receiving funds from employers, institutions and third parties, and also for sending payments.

Every month you receive a statement of your financial management. You can have the account statement sent in printed form to your correspondence address or choose electronic billing, which the bank sends to your e-mail. Electronic billing is more advantageous, as it is generally not associated with fees.

A current account provides you with an overview of your income and expenses. What will this bring you? Above all, you gain an overview of the management of financial funds, investment options, transfer or withdrawal of finances from an ATM. The arranged debit card will serve this purpose.

How to open a current account?

If you are looking for the least complicated option, visit the chosen bank branch and make an arrangement with a bank worker. They will certainly be happy to inform you about all options and advantages of the newly opened account. They will also willingly tell you the amount of fees associated with account maintenance. However, you can also have a current account maintained for free at selected banks. Therefore, choose carefully and with caution.

Another option is arranging the account through the online environment. However, this already requires scanning at least two identity documents, on the basis of which the bank verifies you, and also proficiency in the internet environment. Nevertheless, the indisputable advantage is staying in the comfort of your home when opening the account and subsequent communication with a courier. Another option is using the bank identity.

💡 Tip: Also pay attention to the article regarding the transfer of funds between financial institutions: Comparison: How long does a money transfer take?

What can your expectations be?

Before you go to the bank for a meeting with a financial advisor, clarify what you will use your current account for and what functions are desirable for you. In the past, a bank account served only for receiving your salary and subsequent payment of one-off or standing orders. Today it already offers a whole spectrum of other options and services.

Its benefit lies in the possibility of cashless payments, payments via QR codes, maintaining the account also in foreign currencies. You can also arrange a virtual card, which ensures maximum security for your finances when shopping from an e-shop. In addition, through it you also arrange a whole range of insurance or supplementary insurance policies. Most important is above all travel insurance, which protects your family budget in the event of an injury or accident.

Your current account will also serve you as a way to set up other financial products. Its regular part is also a savings account, but after a certain time you can also apply for setting up an overdraft or credit card. You can easily transfer free financial funds to a term deposit or into another form of investment.

💡 Tip: Also read the article dedicated to the issue of appreciation of your savings from the position of a small saver: How to easily invest small amounts? [2022]

A current account also for a child?

The question of financial literacy is quite topical today. Many of you are certainly looking for ways to teach your children to manage financial funds and thereby open them a path to a better future. Setting up a child account for a schoolchild can be a simple beginning for you. To open it, you only need the birth certificate or child’s identity card.

A child older than eight years is taught to work with a debit card and gradually begins to realize the value of things around them. You as a responsible parent check the account and the expenses of your offspring from the position of the statutory account administrator.

Current account comparison

Which current account is the best one for you? An account with internet banking and a mobile app, or an account maintained completely for free without the need for monthly turnovers? Each of you has your priorities, which should help you make the right decision.

However, the process does not end with opening the account. Continue to monitor the conditions associated with the provision of the account and possibly use the option of transferring the agenda to another financial institution. What are the current conditions?

Overview of individual banks’ offers

Equa bank

This bank will provide you with an account set up and maintained for free (including a debit card) with the possibility of sending and receiving funds from other institutions free of charge. However, when withdrawing funds at the bank you will pay a fee of 99 CZK (about 4.5 USD) and for receiving a foreign payment you will pay 290 CZK (about 13 USD).

Raiffeisenbank

Its Smart Account (Chytrý účet) offers the same conditions as the already mentioned account from Equa bank. However, when maintaining the account in a foreign currency, expect fees and also a fee of 200 CZK (about 9.2 USD) for arranging an overdraft.

Air Bank

A popular online bank offers complete free account management, and the option to use the My Air mobile app. Its advantage is a clear web interface that makes it easy to enter transactions online, including arranging other financial services and insurance. When paying by card abroad, you can even get a cashback of up to 1%.

mBank

Its current account named mKonto is also quite interesting in terms of fees. Similarly to Air Bank, it offers you most services for free. But beware, problems can occur when withdrawing from an ATM. You must withdraw an amount of at least 1,500 CZK (about 69 USD), otherwise the bank will charge you a rate of 29 CZK (about 1.3 USD) for the withdrawal. The advantage is withdrawing from a foreign ATM for free.

ČSOB

Plus Account (Plus Konto) is another of the accounts that the bank will provide you mostly for free. It charges you for a withdrawal from a foreign ATM. And that by the amount of 40 CZK (about 1.8 USD). Currently, the bank is luring new clients with a bonus contribution of up to 2,000 CZK (about 92 USD).

UniCredit Bank

U Account (U konto) is an account that you can have opened and maintained for free, including withdrawals from ATMs. However, you must necessarily fulfil the condition associated with the minimum turnover amount on the account, which is 12,000 CZK (about 550 USD). You can also effectively link the account with a savings account and also get discounts when shopping at agreed merchants within the U-Šetřete programme.

Do you already have it clear which account is prepared directly tailored for you? If you are still hesitating, clarify your priorities and comparison parameters. What to focus on? Criteria for evaluation are fees associated with account maintenance, payments, ATM withdrawals, the ability to manage the account in the internet environment, or open it online, as well as the use of other services.