First, let's start by clarifying that a bank account is a product to manage money. It is considered a basic product, since it generates other somewhat more complex derivative products, such as bank cards and loans. The account also has advantages, such as conveniently carrying out daily operations: paying bills, receiving salaries, cash withdrawals from ATMs, etc.
Among other general features, bank accounts usually have associated expenses or fees for maintenance and administration; they have various associated means of payment, such as cheques and cards; they offer immediate liquidity via transfer, cheque, ATM or teller, and are identified by bank codes.
Today there is a great demand and variety; each one has specific features that make it possible to adapt to each type of customer and need. To choose the correct one, you must analyse your short and long term needs, the use you are going to give it and other aspects that adapt to your financial situation. And of course, study the different account options, take a good look at the conditions and not get carried away by the offers.
If you have a regular income and want it to be paid directly into your account, a salary account is what you are looking for. It also offers multiple advantages, such as returning bills, discounts, fee waivers, associated free credit cards, gifts (in the case of some accounts...). But the best thing is that it will free you from paying certain taxes and fees and may reward you with other advantages.
If you do not have a very high or regular income, and if you are only looking for a simple account and without requirements, you can choose a current account (or a non-salary account). You can also use it as a backup account to turn to in urgent cases, or if there is a problem with your main account. You can also manage your money with ease; this makes it a highly sought account. It doesn't only offer great advantages for depositing your money in it.
If you want to save in the long term or save in the long term and earn interest, choose a savings account. It has a somewhat more limited operation; in fact, it does not allow direct debits or offer cards. But if you want to save without risk and at your own pace, it will be a good option.
And if you do not want to be penalised for withdrawing your funds before the date stipulated by the bank and have liquidity at all times, your best option is an interest-bearing account. This type of product will give you a return for having deposited money in it. This account gives a higher interest than the current account, but lower than a fixed-term deposit; it is similar to the savings account, but allows you to carry out more associated operations, such as setting up direct debits, using the ATM and having associated cards. It does, however, come with certain expenses and fees.
Other types of accounts are children's accounts, young accounts and foreign currency accounts. They are very specific products, designed to meet very specific demands. There are also online accounts, which, although they are not account types as such, are conveniently managed from computers and mobile phones, without having to go to the branch. Therefore, they are handy if you do not have time or you can't get to your branch.
As you can see, there are multiple options when considering opening a bank account. So, when choosing, take your time and get as much information as possible, always carefully analysing current and future needs, your savings profile, and your expectations.