(A3) Current Accounts Flashcards
1
Q
What is a current account?
A
A financial account at a bank or building society
2
Q
What are the types of current account?
A
- Standard
- Packaged (Premium)
- Basic
- Student
3
Q
Advantages of a standard account
A
- Widely Available
- Range of Services
- No Banking Fees
4
Q
Disadvantages of a standard account
A
- Limited Benefits
- Charges on a overdraft
5
Q
What is a packaged (premium) account?
A
A bank account which has additional features and benefits
6
Q
Advantages of a packaged (premium) account
A
- Additional Benefits
- Offers Insurance
- Special rates of overdrafts
7
Q
Disadvantages of a packaged (premium) account
A
- Often charges additional fees
- Generic rather than tailored
8
Q
What is a basic account?
A
A bank account for those with poor credit rating
9
Q
Advantages of a basic account
A
- No banking fees
- Access to a debit card
- Can set up direct debits
10
Q
Disadvantages of a basic account
A
- No overdraft
- Minimum balance requirements
11
Q
What is a student account?
A
A bank account aimed at students
12
Q
Advantages of a student account
A
- Interest-free overdraft up to certain limit
- Some accounts offer gifts such as store discounts
13
Q
Disadvantages of a student account
A
- Interest on an overdraft is quite high
