What Is A Current Account? How Do I Choose The Right One?
A current account is very simple. It is basically any financial account where you can both deposit and withdraw money. There are multiple ways to do either thing.
You can deposit money in a current account at a bank branch with a cash or a cheque. Also, you can make deposits by wiring money, deposit online, or mailing them a cheque. Banks are more than happy to take your money using just about any method.
Just like depositing, there are multiple ways to withdraw. You can write yourself a cheque, take cash out of an ATM and other methods. Each bank lets their clients access their funds in different ways.
As you can see, the phrase current account is just another way to refer to a typical bank account for day-to-day use. You can open one as a joint account. In this situation, each person with access to the account has the same responsibilities and access.
How to choose the right current account for you
There are a lot of banks. Current accounts are mostly similar when it comes to the services offered and the fees. There are some small differences, though. Before you decide what account and what bank to use, you need to assess what the use for this bank account is.
Each bank has a variety of different accounts they offer to their customers. Some are tailored particularly for certain situations. Others are broader and are used more by the general public. They even have accounts specifically designed for children.
The following are the most common types of current bank accounts.
Standard Current Account – This is the most general form of current account. It is probably the account that your debit cards work from, and write your cheques from. This is the account most individuals use to shop for groceries, pay some bills, and just general daily use.
Accounts with Extras – Some require a little more service from their bank account. Those that travel a lot might add travel insurance or roadside assistance. These usually come with a small monthly fee.
High-Income Accounts – These accounts are designed for people who keep a lot of money in their bank at all times. The customer service is a little more personally tailored. the customer receives a higher level of support from the bank.
There are also accounts for high school and college students and accounts that are designed to work with currency from other countries.
Who can get this kind of account?
Just about everyone qualifies for a current bank account. Some may be more limited, though. This includes people with extremely bad credit or a criminal record, especially if the crime was financial or fraud related.
Who provides these accounts?
Current accounts are the primary account offered by ever major bank. Every individual needs one to operate on a daily basis. You can find a full list of standard and online banks that can offer you this account type.
Which one is right for me?
Think ahead before you decide on what kind of account you are going to get. It can be a pain to create a new account and transfer funds to it. If you can’t decide, you should fill out the questionnaire below. All of the questions are designed to help you make the right choice. Be sure to answer every question honestly.
A current account is a necessity for anyone that wants to function properly in society. Most people just use a general version of the account. There are accounts with special features for those that need them.