What Makes a Personal Bank Account Premium in 2021?
As the technological revolution gets more deeply ingrained into the financial sectors, the characteristics of a premium personal bank account are evolving at a rapid pace.
It’s been quite a while since the technological advancement started to change the ways we conduct our banking needs. Even before the work-from-home reality, banking sectors was shifting towards online services. In 2021, it’s more important than ever for a bank to offer convenient digital services in order to fulfil all sorts of personal banking needs.
Moreover, the post-Brexit reality in the UK is also going to have an effect on our personal banking needs, requiring a convenient way to exchange and convert pounds sterling to another currency like Euro. The regulatory sides also need to be addressed to align with the current reality.
So, what makes a personal bank account the best in the UK in 2021? Let’s find that out from below.
Accessibility in the UK and Europe
While it used to be pretty much a given, after Brexit, it’s now important to check whether or not you can bank like a local both in the UK and EU with your personal account. It includes offering debit cards for both GBP and EUR, no ATM withdrawal fees in both regions, paying bills in Europe without additional fees, etc.
That way, you can still enjoy all the benefits of being in the single market with the European Zone, despite not being a part of it anymore.
Holding multiple currencies
Not just because of Brexit, it’s important to have the ability to hold multiple currencies under a single bank account. As we shop, earn, and spend all around the globe, thanks to the connectivity of the internet, a bank account with multiple currencies can prove to be really beneficial.
Having this feature can not only make it convenient to transfer and receive money from outside the border but also save you some money in conversion fees.
Smart payments and easy transfers
Being able to make cashless and contactless payments everywhere has been a basic feature for the leading UK banks for quite some time. However, in 2021, any bank offering personal account here need to up their game and make smart payments through an app or other digital means more accessible than ever. It should also have a real-time alert system in place for any transactions in the account.
Being able to create personalised categories and set a budget for each is also a feature you should expect to have a premium banking experience in this new decade.
Multiple service under one umbrella
With online investing and trading more accessible than ever, it’s also not too much to ask for your bank to include several financial services in one umbrella account. In fact, with more challenger banks coming into the fore, it is now almost a mandatory requirement to be able to perform banking, trading, and investing by opening just one personal bank account.