What is a current account?

This may sound like a rather basic question, but for many who have never had a bank account before or are generally unfamiliar with banking, even this concept can be tricky.

A current account simple refers to a store for your money.

But rather than having it stashed under the bed as physical cash, you start a relationship with a banking provider and they look after your money for you. This money is stored in what is called a 'current account'.

Each customer will tend to have a current account and it is designed for your everyday money that will have comings and goings. It will tend to be the account from which bills are paid, that your salary goes into and so forth.

However it should be used to build up large sums of money - for that there are savings accounts and other vehicles that offer better rates of interest and are designed to accumulate money rather than having it go in and out at regular intervals.

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