Current Accounts

Current Accounts

Individuals and companies use current accounts for their daily transactions. Banks offer current accounts with features such as:

1. Overdraft facility
2. Debit card
3. Online banking
4. Direct debits
5. Standing orders
6. Bank statements

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7. Overdraft facility**:** This allows account holders to withdraw more money than is available in their account, up to a certain limit. It acts as a short-term loan for emergencies or cash flow management, usually with associated interest and fees.
8. Debit Card: A debit card enables account holders to access their funds directly for purchases and cash withdrawals. It is linked to the current account and ensures quick, electronic transactions.
9. Online Banking: Online banking provides account holders with the ability to manage their account via the internet. It includes features like viewing account balances, transferring funds, and paying bills from the convenience of a computer or mobile device.
10. Direct Debits: Direct debits allow automatic, regular payments to be made from the current account to a specified recipient. This is often used for recurring bills like utilities, subscriptions, or loan payments.
11. Standing Orders: Standing orders are instructions set by the account holder to make fixed, regular payments to another account. They are typically used for consistent payments like rent or mortgage repayments.
12. Bank Statements: Bank statements provide a detailed record of all transactions made through the current account over a specified period. They help account holders track their spending, manage finances, and verify account activity.

Savings Accounts

Savings accounts are another type of account. They typically offer interest on the deposited funds, encouraging you to save over time. Savings accounts often have limited transaction capabilities compared to checking accounts, and they may come with restrictions on the number of withdrawals you can make each month. They are ideal for setting aside money for future needs or emergencies while earning a modest return.