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Here are the top 10 Difference Between A savings account and Current Account. Owing a bank account is good, but knowing the interest rate and other benefits is the most important thing.
I’ve listed the 10 difference between a current account and a savings account so you can know which one to go for.
We know It’s your money that you want to save in the bank, but if you calm down and read this guide, you will see how to make extra money from your money in the bank.
The 10 Difference between a savings account and current account you need to know:
1. A savings account is primarily for the purpose of saving.Depending on the bank, it requires little or no amount to create.
2. The savings account also offers a certain percentage of earned interests for customers, which are guided by the bank’s terms and conditions such as a number of withdrawals within a specified timeframe.
3. If you are opening an account newly and want to save for specific projects or future investments, then it is advisable to start with a savings account.
4. A current account, on the other hand, is suitable for business purposes with an unlimited number of withdrawals for running daily transactions.
5. A current account requires a certain amount of deposit to create after which accounts can be withdrawn anytime till zero.
6. Cheque books and third party withdrawals are offered in the current account system, making it available for the account owner to issue a
7.Cheque to a third party for withdrawal of cash. The account owner issuing the cheque is known as the drawer while the third party in whose favour the cheque is paid is called the payee.
8.Interests cannot be accrued on current account.
9. You need someone who already owns a current account to sign for you before your current account will be fully activate in any bank
10. You don’t need anyone to sign your savings account opening form
Conclusion on the difference between a savings account and current account
The advent of online transactions has however made transfers convenient even for the holder of a savings account and current account, this means that you can easily transfer funds from one account to another one.
You have to discuss various packages with your account officer to know the offer that best suits your needs.
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