Current Accounts

Guide: Personal Finance

Types of Current Accounts

There are several different types of current accounts and it is worth knowing what each one is all about.

  • Basic Bank Accounts - These are current accounts in their simplest incarnation, and are the type of account typically held by a person with no credit history in the UK.
  • Current Accounts (with overdraft) - TThis will provide you with full day-to-day banking facilities, easy access to your money and an authorised overdraft facility.
  • Current Accounts (with special offers) - These accounts currently offering extra incentives to join. These benefits can vary but may include offers such as discounted home insurance, no fee overdraft, and premium access to popular event tickets.
  • Cheque Accounts - These are essentially 'instant access' savings accounts with very limited banking facilities.
  • Student & Young Person Accounts - These are designed to assist young people and students to become prudent with their personal finances. They may come with bonus features, such as interest free overdraft facilities.
  • Graduate Accounts - Designed to assist graduates with their debt management for up to 3 years after they graduate.
  • Foreign Currency Accounts - Like a standard current account, consumers can choose to run them using Sterling, Euros or US Dollars.

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