5 ways you could get the most out of your current account

Chances are, most of us have a current account. Aside from money going in and coming out, we probably don’t spend much time thinking about it. But a current account is more than just a passive container. They can make our lives easier, more efficient – and possibly even wealthier. Let’s explore how you could get the most out of the humble current account.

1. Pick an account that pays you back

It might be tricky finding a current account that earns buckets of interest, but you can find one that offers payments in the form of cashback. For example, with the Chase current account you can get 1% cashback on your everyday debit card spending for your account’s first year. You might also look for an account that earns you points or discounts for brands you like.

18+, UK residents. Cashback available for your first 12 months as a new customer. Max £15 per month. Cashback exceptions apply.

2. The power of automation

One powerful feature of a current account is the ability to set up automated payments. Your fixed costs, such as utility bills, rent or mortgage payments, can be paid by setting up a Direct Debit or creating a standing order. These are handy tools that would mean your important bills and payments will always be made on time and in full, as long as you have enough money in your account.

So, if you can, make sure you have Direct Debits and standing orders in place for your fixed costs. And, where possible, don’t forget to automate repayments on any loans or credit – this could save you cash in the form of no late fees or added interest.

3. Pay yourself now, thank yourself later

Another crucial automation that your current account handles beautifully is feeding any savings and investments you may have. Paying yourself, or setting aside money, is a great habit to create – and a regular standing order can take the pain and guesswork out of it. For bonus points, think about setting this up at the beginning of the month – that way your savings are prioritised, rather than being resigned to whatever is left over in your current account at the end of the month. Only do this if you can afford it, it's important to remember that with investments returns aren’t guaranteed, and you may lose money.

4. Keep an eye on your spending

Although we've covered the automated side of current accounts, having a hands-on, personal approach with your money is also a good move. Even if your current account can categorise your spending for you, it’s still a great idea to go through your transactions regularly. If your bank has an app, this can make it even easier. When scanning your outgoings, for example, you could look out for payments you don’t recognise, amounts that don’t look right or even regular costs that you don’t actually need, such as subscriptions or memberships. This can help you spot mistakes and save cash.

5. The door to financial advice

It's easy to forget that your current account is linked to a bank – which can be brimming with financial specialists. It’s worth checking to see what financial information you can gain from your bank – whether it’s about the products you can access or how best to manage your money. Whether it’s getting a helpful response to an instant message sent on your banking app, or reading an article, you could get some useful money guidance thanks to your current account.

Recommended reading

• 5 humble habits to help build serious savings
• Could these social media trends help you save money?
• The Chase guide to modern money management