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Current Accounts

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Current bank accounts are used as a means of storing money, for example payment of wages, pensions or other cash sums. This account, although offering a small amount of interest is generally thought of as a means of investing money short term and is used as a main base to withdraw funds, with regular transactions moving in and out of the account.

A customer is usually issued with a debit card, credit card, cheque book and more recently internet identification. All these offer means of using the account, withdrawing and depositing funds and making transactions.

As an added benefit, a current bank account usually offers an agreed limit overdraft service. An overdraft is the opportunity to continue using the account, even though the customers personal funds have been exhausted. Interest would than be paid only on the actual amount borrowed and only for the time with which the money has been borrowed. This is especially useful just before payday, or to meet the demands of an unexpectedly high direct debit.

Some financial organisations offer specific current bank accounts for certain groups of customers, for example students. As college or university is a financially worrying time for both parents and students it may be advisable to consider opening this specific account. Student bank accounts offer much the same benefits as a current bank account, but with the added benefit of an interest free overdraft and a credit card. The limit on this overdraft or credit card usually increases as the year of studying increases. As the market for student banking increases, organisations offer free gifts to encourage choice. These may include student rail cards, mobile phones, CDs or even cash. On completion of their studies the account will turn to a graduate account, applying extra benefits for example 100% mortgage with low repayments and low interest loans.

Another type of a current bank account is specifically targeted at children. Junior bank accounts are available to children under the age of 18 years old and are extremely beneficial as a teaching aid to managing their own finances. Children under 16 years old are usually issued with a pass book and cash card, allowing them to access their funds over the counter or from any designated cash machine. Children over 16 are usually issued with a debit card, however they will not be allowed access to an overdraft facility until they are 18 years old, therefore there is no risk of debt. Junior bank accounts do tend to offer a higher interest rate than adult accounts, however a savings account would be more beneficial for long term savings.
 

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