Change is inevitable and unavoidable. It can be hard to keep up with the times, but every once in a while we should all take a pause and consider what has changed around us.
When it comes to personal banking, it’s easy to take things for granted. We keep our money in the bank, which is very much a good thing, but most of us do it in the same manner that we did since opening our first account at a young age, or even the same way our grandparents did.
While everyone pretty much has a checking account, and many keep their funds at a savings account, there are other options worth looking into that may not have been as common in the recent past as they are today.
From all the choices available, one may very well wonder what the best bank accounts are. In regards to that, a strong argument should be made for opening an account with a trading bank, for multiple reasons.
Accounts for Trading
The best bank account you can have in recent times is an individual savings account, or ISA. Such accounts have the considerable benefit of being tax free in regards to any income made from capital gains made up to £20,000. The best ISAs would belong to a bank that offers its own online trading services, with which you can trade in various financial instruments, such as stocks, forex, bonds, and others.
With the right ISA you will be enjoying excellent personal banking services and conditions, as well as be able to trade directly, instead of having to use a separate online broker. While there are many brokers to choose from, finding the right one can be challenging even for a savvy investor.
For example, one challenge is finding a broker that will be certified and regulated by the proper financial regulatory body that concerns you as a UK resident. By having a trading account, you will already be dealing with a regulated and insured institution, and be able to avoid the trouble of finding a reputable external service.
Another great benefit of having an all-in-house service is that it eliminates a middle-man from the process, and undoubtedly allows for lower fees and spreads that would be next-to impossible by using a separate party. Even the smallest increase in individual fees can have a great impact on your bottom line, so it’s great to have one less thing to worry about in this department. It’s also helpful that you can use the account to deposit and withdraw funds for investing whenever you need to and to any extent.
You can also use the account to exchange foreigncurrencies at a good rate, and hold a variety of different currencies for trading in different markets, thus making that process smoother and faster.
Not all online trading banks will have the same features, and one that sets them apart is the use of different trading platforms. With dozens of different markets to juggle, and a variety of different financial instruments, having the best experience with your trading platform is key to your success. You want the platform to enable you to trade easily at any time and any place, from whichever device you have on hand, be it your smartphone or personal computer.