Just what is a bank account anyway?
March 30th 2010 Posted at Basic Bank Account
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Bank accounts (saving accounts) can assist you in managing and spending money. There are different types of banking facilities to help suit you
Bank accounts help you in many ways the most important are 1) pay bills; 2) receive money – such as your wages 3) save money
Don’t just take it from us what it means the FSA have come up with an excellent method classifying Bank Accounts -
Basic bank account – for managing day-to-day money. It doesn’t usually allow you to go overdrawn by more than £10, if at all. We outline the basics here but if you’d like more information see our Basic bank accounts printed guide. You can download it or order a free copy online – see Free printed guides.Current account – also for managing your day-to-day money, but with more features than a basic bank account. There are special accounts for students. Some current accounts pay you interest if you are in credit, but a savings account will usually pay a higher rate.Savings (or deposit) account – for putting away money that you’d like to save, say for furniture, a holiday or emergencies. It often pays a higher rate of interest than current accounts, so your money grows.
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