What does a current account mean in terms of a bank account?

What facilities must it have before it can be called a current account?
What does a current account mean in terms of a bank account?
current account means you can take out at a moments notice what you have in your account, but there is normaly very little interest on your money in that account, any spare cash needs to be put into a savings account for the higher interest rate
Reply:You can open a current account with a bank for the purpose of using cheques to pay your creditors instead of paying them in cash. Or to withdraw on the current account whenever you require cash, so that you need not have to carry too much cash with you.


You need to apply by using the bank's current account application form and the bank may want an introducer in order to open it and also require you to pay a minimum amount of money into the account so that you can operate it using cheques supplied to you.
Reply:Typically, a current account is the account where you get your money paid in, and bills paid out. It needs to be able to provide; A cheque book, A cheque gurantee/debit card, and standing orders/direct debits.





It is worth noting, however, that you do not necessarily get all of the above features straight away. The bank may decide not to issue you with a debit card until your account has been running properly for six months, or may not allow cheques during the first six months, but, the facility is available. You may even need to ask the bank for a debit card before they will issue one.





It is called a "current account" because it is where all your "current" banking activity takes place. It doesn't generally pay any intrest, and is not intended as a place to hold your savings.





There are also "Basic" accounts, which people often confuse with current accounts, though these accounts only allow money (pensions, Jobseeker's Allownace etc.) to be paid in, and drawn as cash in person. These accounts don't provide the facilities listed above.
Reply:there are no strict guidelines - however, it depends on the Bank concerned. In general, the larger banks will offer Immediate Acces (with no penalties). No provision for Overdraft - but hefty charges if you go overdrawn. A poor rate of interest - although some will offer a 6 month enhancement. Some offer free banking, but charge for cheques.





Shop around. There is a lot of competition out there. A Bank will tempt you with many offers, just to get your money in their clutches at a very low rate of interest.





Good luck. I wish you success.
Reply:I thought that the term "current account" is what the British use to describe what the Americans call a "checking account."
Reply:well with a current account is a account where a basic intrest rate is applyed applied and there is a debit card supplied to the account.
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