2 - Types Of Current Accounts Flashcards
What are 2 advantages of a standard account?
No charges on credit
Offers a wide range of banking facilities
What are 2 disadvantages of a standard account?
High interest on overdrafts
Only standard features included
What are 2 advantages of a packaged/premium account?
Often cheaper than buying additional benefits
No charges on credit
What are 2 disadvantages of a packaged/premium account?
Incentives are only worthwhile if they meet customer needs
Monthly charges apply
What are 2 advantages of a basic account?
Available to those with low credit ratings
Easy access to basic banking features
What are 2 disadvantages of a basic account?
Limited facilities
Takes time to progress to a standard account
What are 2 advantages of a student account?
Low deposits required
Incentives can be useful
What are 2 disadvantages of a student account?
Low interest on credit
Overdrafts can encourage overspending
