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Current Accounts

Details on Current Accounts

TermDefinition
Current Account A type of account offered by banks and building societies for frequent use
Standard Current Account The most common account for individuals assuming they have an OK credit rating
Features of a Standard Current Account (1)Can set up direct debits and standing orders (2) Issued with a cheque book and debit card (3)Can pay cash in e.g. wages can be paid directly to the account
Packaged/Premium Account Offer the same facilities as a standard account but bundled with an additional “package of services” e.g. free insurance/Breakdown cover
Basic Current Account Offers only some of the features of a standard current account to those with a low credit rating who may otherwise struggle to open an account
Student Account A current account designed to meet the specific needs of students
Features of a Student Account (1)Process to pay university tuition fees (2)Standing order for accommodation (3)Limited overdraft facilities (4) Incentives to join that particular bank
Advantages of Standard Current Account Widely available /Overdraft facility/Range of services
Disadvantages of Standard Current Account Limited additional benefits Charges on overdraft, bounced cheques etc. can be high
Advantages of Premium Account Range of services Additional benefits Personal finance can be controlled more easily e.g. insurance is included which saves time on shopping around
Disadvantages of Premium Account Often charge additional fees Generic rather than tailored to individual needs e.g. travel insurance may be of no added benefit
Advantages of Basic Account An opening account for those who may otherwise struggle to be accepted by a financial institution
Disadvantages of Basic Account Limited services/May attach a stigma
Created by: durquhart1
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