current account

Question 1

current account

Answer 1

accounting with a bank or building society designed for frequent use. money can be paid and withdrawn on a daily basis without need to give notice.

Question 2

standard account

Answer 2

normal account offered to someone with a reasonable credit rating. includes standard features such as ability to pay and withdraw money, cheque book, debit card and interest on positive balance is pre agreed

Question 3

advantage of a standard current account

Answer 3

no charges on credit balance, access to a few facilities, convenient for receiving regular payments. e.g. wages

Question 4

disadvantage of a standard current account

Answer 4

potentially high charge on overdraft limit, standard features only

Question 5

packaged premium current account

Answer 5

account offers an additional perks on top of the standard ones. credit car protection, breakdown cover and cash back on certain thingas.

Question 6

advantage of a packaged premium current account

Answer 6

gives additional perks, no charges on credit balance, includes things such as holiday/travel insurance, break down cover

Question 7

disadvantage of a packaged premium current account

Answer 7

additional monthly charges frequently applied, package covered may not offer value for money.

Question 8

basic current account

Answer 8

current account that offers limited features that is designed for someone who is close to debt/ has a poor credit rating to help them. This wont have an overdraft and wont pay interest on positive balances.

Question 9

advantage of a basic current account

Answer 9

it is offered to people with poor credit rating, offers easy first step in increasing credit balance.

Question 10

disadvantage of a basic current account

Answer 10

limited facilities like no debit card or overdraft limit

Question 11

student current account

Answer 11

designed for students. overdraft limit, free rail cards,

Question 12

advantage of a student current account

Answer 12

course fees and student loans can be easily handled, Bonuses offered are designed to meet the needs of learners.

Question 13

disadvantage of a student current account

Answer 13

overdraft facilities could encourage overspending. limited facilities, charges for overspending are high.