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Overview of Bank Accounts

A Bank Account is the safest and the smartest way to keep your hard-earned money safe as well as to make one's money grow. Nowadays bank accounts play an important role in the life of every person because it provides a safe place to store and access your money. A bank account can also earn some interest on the funds you have in your account.

Bank accounts are based on financial terms with a banking institution and everybody can easily open a bank account by providing the required proofs and documents.

A bank account offers a number of facilities including; cheque book for debt settlement, deposits, direct debits and overdrafts etc.

Bank accounts help you to:

•    Receive money – such as your salary
•    Save money for special occasions or emergencies
•    Some interest on bank accounts
•    Easy access to your funds
•    Pay your bills

Choosing a bank account is an important decision as it will play an important role in your life. Here are some of the common bank accounts that are available to you, they are: -

Basic Bank Accounts - Basic bank accounts are introduced for helpless families and people who have problem in opening normal bank account. It allows you to only spend the balance of your personal account. You get cash card to withdraw your money and no cheque book or overdraft facility is given in basic bank accounts. Customer may receive lower interest rates than current accounts.

Current Accounts - Current accounts are financial accounts to make or receive unlimited number of cash payments anytime you want. They were come to existence after 1970s. Today with more features, you can make payments for bills, rent and mortgages directly. You can try to find best current accounts that offer top interest rates. Compare and choose best rate of interest on current accounts.

Online Bank Accounts - Online bank accounts help you to make all transactions over the internet. To reduce hassles, number of UK banks enables you to open bank account online. Many online bank accounts paid higher rate on interest with the facility to access your account whenever required. You can transfer money, buy products online, view balance and compare other banks features.

Compare Bank Accounts Online with Cash Caretaker.

If you are looking to open a new bank account, Cash Caretaker will help you to compare popular bank accounts to find the cheapest bank account that will fulfill your all requirements.

Cash Caretaker helps you to compare bank accounts and makes you able to choose the best account according to your needs. Cash Caretaker provides the information regarding high interest bank accounts and compares them to find the best one for you.

History of Banking

The reflection of banking came to an existence in ancient times. But the main concept of banking has its roots in the 17th century.

During the Roman period, Romans conducted two forms of banking services only to receive cash and advance credits. In case of credits, interest rate was charged by lenders.

Let's have a look that when and how UK banking was started.

Goldsmith bankers in 17th century

During the mid 1600s, many Goldsmith bankers started their business on personal liability basis and acted as the main source of running cash. At the time of English civil war i.e. 1642-1651, Goldsmith bankers were used to have secure places to keep their jewels and coins. Goldsmith bankers used receipts to pay money and withdraw deposits. This resulted into the beginning of banknote by 1660.

The need of safe bank accounts service forced Goldsmith bankers to develop private banking in London. The cheques and financial services can be found from the Goldsmith days. One of their banking firms "Coutts & Company" started from 1694 and still exists today.

The central bank of England named as "Bank of England" was created in 1694.

UK banks increased in 18th century

In 1762 Mr. William Blow Collins of Worcester started issuing notes and coins during Bank of England shortage. In 1765, two bankers in Birmingham, Messrs Taylors and Lloyds, paid 2% of interest on deposited cash in personal accounts.

Gradually in 1784, number of UK banks raised to more than 100 which offered affordable interest rate.

19th century - Improved National UK banks

In the early 1820s, British parliament established the laws mentioning that banks could have worked as joint stock banking. This established the Bank of England which worked as joint stock bank. It allowed UK banks owners to work among a number of proprietors. As a result of Industrial Revolution, more national UK banks build with the improved transportation and means of communication.

National Provincial Bank of England was founded in 1833.

Modern UK banks established

The World War II had changed the services of domestic UK banks as the terms of loans, current accounts and safe-custody facilities became restricted under legislation.

But in 1950s, British government allowed UK banks to offer more financial services like cheque, guarantee cards and automated teller machines. In 1960s, British government accepted more bank mergers. In 1970s, British government encouraged UK banks to offer wide range of services like saving accounts, credit cards, reduce first deposited cash and various loans to customers.

They can be distinguished by offering lowest interest rates, provisions for bad credit borrowers. Banking and Bank account system have changed with several types of depositor accounts. These are as:

Competitive 21st century UK banks

UK banks in 21st century are more competitive and offer more beneficial financial services. It has become impossible to get by without a bank account.

The present days UK banks make you able to have secure and convenient online banking anytime and anywhere. They give the facility to manage your cash 24 hours a day.

You can also make your search easy for the best loan on the market with the help of APR (Annual Percentage Rate). APR is a measure of the cost of credit and expressed as a yearly rate. Such facility was not available few years ago.

Most of the banks provide the best facility to compare and apply for bank accounts online with more advanced features. So, create your life a whole lot easier by opening with favorable bank accounts.

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