Personal Finance - Types Of Current Accounts

Question 1

Standard account

Answer 1

Thus type of account provides full day-to-day banking facilities e.g cheque book, debit card, easy access to your money and an authorised overdraft facility

Question 2

Packaged/premium

Answer 2

This type of account usually has an annual fee or additional charge in return for offering extra incentives. These benefits can vary but may include offers such as discounted home insurance, no fee overdraft and premium access to popular event tickets

Question 3

Basic

Answer 3

This account offers limited features and would be typically held by a person with no credit history in the UK or a poor credit history

Question 4

Student

Answer 4

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