Types of current accounts

Question 1

Standard current account

Answer 1

This is the normal current account offered to customers with reasonable credit rating.

It includes standard features such as :
-Ability to pay and withdrawal money
-Cheque book
-Debit card
-Interest payments on positive balances and a pre-agreed overdraft.

Question 2

Packaged, premium current account

Answer 2

This account offers additional features to a standard account for example;
-Car and home insurance
-Credit card protection
-Breakdown cover
-Cashback on certain transitions

The bank may have additional charges for these accounts so it is important that you check whether you are being offered a good deal or not

Question 3

Basic current account

Answer 3

This account offers only limited features designed for those customers who may otherwise find it difficult to open a bank account due to poor credit ratings

A basic account will not offer an overdraft and will no pay interest on positive balances

Question 4

student current account

Answer 4

This account is designed specifically to meet the needs of learners. Common features include an agreed overdraft limit and incentives to join the bank, for example;

Free railcards or cash

Banks are keen to attract learners because once a young person has joined a bank they tend to stay with that bank

However that is less often the case now due to the availability of information on the internet and the easy with which banks can be changed