A current account is an account for managing your money on a day-to-day basis. They normally support payments to third-parties in the form of direct debit, standing order, cheque, transfers and debit card transactions. They may allow for a certain degree of short-term borrowing via an overdraft facility. Current accounts traditionally didn't attract interest but many high street banks now pay a small rate of interest on personal current accounts. Current accounts often appear on credit reports because they are considered part of your credit profile. The way you manage your current account is often a reflection of your general credit worthiness. If you have no overdraft and the account is in good standing it's presence on your credit report is likely to have a positive effect.
Savings accounts, as the name implies, are intended as a means of saving. They will attract a higher rate of interest but are more resistrictive in the way the money can be used. Banks rarely issue debit cards or cheque books against savings accounts and the only ways of moving money in or out of the account is usually over the counter or to/from another account with the same bank. Some even have resistrictions or impose penalties on the amount, method or frequency of withdrawals.
A current account is an account for managing your money on a day-to-day basis. They normally support payments to third-parties in the form of direct debit, standing order, cheque, transfers and debit card transactions. They may allow for a certain degree of short-term borrowing via an overdraft facility. Current accounts traditionally didn't attract interest but many high street banks now pay a small rate of interest on personal current accounts. Current accounts often appear on credit reports because they are considered part of your credit profile. The way you manage your current account is often a reflection of your general credit worthiness. If you have no overdraft and the account is in good standing it's presence on your credit report is likely to have a positive effect.
Savings accounts, as the name implies, are intended as a means of saving. They will attract a higher rate of interest but are more resistrictive in the way the money can be used. Banks rarely issue debit cards or cheque books against savings accounts and the only ways of moving money in or out of the account is usually over the counter or to/from another account with the same bank. Some even have resistrictions or impose penalties on the amount, method or frequency of withdrawals.
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