Personal Finance - Types of current accounts

Question 1

Standard

Answer 1

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