Current accounts
Current accounts allow you to receive money such as salary, make regular payments such as bills or loan repayments and keep track of your money day to day. You can get an ATM card for easy withdrawal, or more commonly a debit card that you can use to pay for goods and services as well as withdraw cash.
You can also arrange an overdraft on these types of account. However this form of credit may come with an interest charge and arrangement fee, so check out possible costs before hand.
Also, if you go overdrawn without asking, by spending more than is in your account, then you will be charged a fee.
Most current accounts don’t pay interest on the money you have in credit. If you find you have money left at the end of every month then you should consider transferring some to a savings account.
Some current accounts will not attract fees for services provided account remains in credit, but check with your bank to see if this is the case when opening the account. Double-check by reading the terms and conditions.
