Current account
A bank account built for businesses that make many payments a day, usually with no interest.
A current account is a working account for business. It is built to handle a high volume of payments in and out, not to grow your money, so it usually earns no interest and needs a larger balance. If you are salaried, a savings account does the job, and a current account mostly adds cost.
Questions people ask
What is a current account?
A current account is a bank account designed for businesses, traders and professionals who make many payments every day. It allows a high number of transactions but usually pays no interest and asks for a higher balance than a savings account.
Do I need a current account if I am salaried?
Almost certainly not. A savings or salary account covers everything a salaried person needs. A current account mainly suits people running a business or receiving many business payments.
What is the difference between a current account and a savings account?
A savings account is for personal money and earns interest. A current account is for business money, allows many more transactions, and usually earns no interest. Current accounts also tend to have higher minimum balance requirements.
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